Richest Asian Gautam Adani’s group has received capital market watchdog Sebi’s go-ahead for a $3.8 billion open offer for cement companies Ambuja and ACC, according to media reports.

This comes months after the Adani Group offered to buy a 63 percent stake in Ambuja Cements from Holcim, a Switzerland-based company.

The Adani Group made offers of Rs 385 per share for Ambuja Cements and Rs 2,300 a share for ACC. With an investment of over Rs 31,000 crore, these two open offers combined are the biggest open offer in corporate India’s history.

Last week, the Competition Commission of India (CCI) approved Adani Group firm’s acquisition of Holcim’s stake in cement manufacturers Ambuja Ltd and ACC Ltd.

The proposed deal envisages the acquisition of the entire share capital of Holderind Investments Limited (Holderind) by Endeavour Trade and Investment Limited (Endeavour), it added.

Holderind holds 63.11 percent of equity share capital of Ambuja Cements Limited (Ambuja) and 4.48 percent of the equity share capital of ACC Limited (ACC). Further, Ambuja holds 50.05 percent of the paid-up equity share capital of ACC.

In terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Endeavour is required to launch an open offer for further acquisition of up to 26 percent of the expanded share capital of each of Ambuja and ACC. Endeavour is a newly incorporated company and belongs to the Adani group.

Holderind is a holding company of Ambuja and ACC. Ambuja and ACC are engaged in the manufacture of cement in India.

It was earlier reported that several international banks, led by BNP Paribas, Bar-clays and Citigroup supported Adani’s acquisition of the Swiss building materials. The group raised $5.25 billion as debt, admitting support to the acquisition from these global financial institutions.

Ambuja and ACC have a capacity of 70 million tonnes per annum (MTPA) with a total cost of $10.5 billion.