Adani Group completes acquisition of Sanghi Industries, revises offer price

Billionaire Gautam Adani-owned Ambuja Cements Ltd on Tuesday announced the completion of the acquisition of Sanghi Industries Limited (SIL), at a revised offer price of Rs 121.90 per share. Earlier in August this year, Ambuja Cements Ltd (ACL) had offered a price of Rs 114.22 apiece for acquiring 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders. "In terms of the company's obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('Takeover Regulations'), the offer price as defined in the PA shall stand revised to Rs 121.90," Ambuja Cements said in a regulatory filing. Meanwhile, shares of Sanghi Industries were trading at Rs 129.90 during the afternoon on Tuesday, which is 6.56 per cent higher than the revised offer price. ACL in a separate statement informed that it "successfully completes acquisition of Sanghi Industries, funded entirely through internal accruals" at an enterprise value of Rs 5,185 ...

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