India Cements Capital has received a Draft Letter of Offer for an Open Offer, proposing to acquire up to 26% of its voting share capital from public shareholders at ₹12 per share.

This mandatory offer by a group of acquirers follows their prior agreement to buy a 50.02% stake at the same price.

If the open offer is fully accepted, this group, including existing associated shareholders, will collectively hold 94.45% of the company.

The new ownership intends to revive and grow the money changing business, committing to retaining the current workforce.

Regulatory approval from the RBI for this change in control is currently pending.

The total cash required for the Open Offer is ₹6.77 Cr.