Holcim hikes stake in ACC
09 May 2007
Mumbai:
Swiss cement company Holcim has acquired an additional 3 per cent stake in
ACC Ltd, which takes its entire stake in the Indian cement manufacturer to over
41 per cent.
Holcim
bought 60 lakh shares through bulk deals, paying Rs900 per share from a clutch
of domestic and foreign investors, according to the National Stock Exchange filings.
Holcim bought into ACC when it acquired majority stake in Ambuja Cements India. The company had made an open offer at Rs370 per share of ACC in 2005, hoping to take its shareholding to over 51 per cent. As on March 31, 2007, Holcim through its holding arm Holderind as well as though Ambuja Cements India in which it owns majority stake, had a stake of more than 38 per cent in ACC. Holcim also holds close to 30 per cent stake in Ambuja Cements Ltd (earlier Gujarat Ambuja Cements Ltd).