Shares of Adani Enterprises, the flagship entity of the conglomerate led by Gautam Adani, rose more than 2% after the group announced it might launch an IPO worth Rs 31,000 crore this week to acquire a 26% stake in Swiss firm Holcim separately. Two Indian listed entities from public shareholders, Ambuja Cements and ACC. ACC and Ambuja Cements’ shares fell 1.5% and 1.6%, respectively.

According to the revised schedule, the public sale will begin on August 26 instead of July 6 and end on September 9, 2022.

Shares of Adani Enterprises were up 0.5% at Rs 3,145.95 on the BSE at the time of writing. ACC shares fell 1.2%, and Ambuja Cement fell 0.6%.

In May, Adani Group announced it had signed an agreement to acquire a controlling stake in Holcim Ltd’s Indian business for $10.5 billion, marking Port Energy’s entry into the cement industry. Last week, market regulator Sebi and the Competition Commission of India (CCI) approved this deal.

In two separate regulatory filings, ACC and Ambuja Cements submitted a letter of offer for the IPO of Mauritian company Endeavor Trade and Investment.

Endeavour Trade and Investment, promoted by Acropolis Trade and Investment Ltd, is held by certain members of the Adani family.

The combined installed capacity of Ambuja Cements and ACC is 70 million tons per year. Together, the two companies have 23 cement plants, 14 grinding plants, 80 ready-mix concrete plants and more than 50,000 channel partners in India.