An open offer for shareholders of a major cement company is scheduled to open on September 19 and close on October 3. The mandatory offer follows the acquiring company taking control of more than 55% stake in the Chennai-based cement maker over the past two months.

The company will buy 26% of shares, or up to 8,05,73,273 shares, at ?390 per share. A detailed public statement for the offer has been issued, and the offer price may be revised latest by September 17. The timelines are tentative.

Earlier, the acquiring company had purchased a non-controlling 23% stake from an investor in June, followed by a 32.72% stake from the company’s promoters and associates in July. The 55.49% controlling stake has triggered the open offer as per regulatory requirements.

The company will spend a maximum of ?3,142 crore to acquire 26% of shares through the open offer, which is at a significant premium compared to the earlier stake purchase price of around ?268 per share.

Shareholders holding shares in physical or dematerialized form can tender shares by notifying their stockbrokers during trading hours within the tendering period. A separate acquisition window will be provided by exchanges to facilitate the process.

Shares of the cement company recently closed at ?372.04, up over 2% from the previous close, and have surged nearly 82% since the start of June.

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