Holcim offers to buy 20-per cent in Ambuja Cements for Rs4,720 crore
24 Aug 2007
Mumbai: Swiss cement major Holcim, which has acquired an additional 3.9-per cent stake in Ambuja Cements, has made an open offer to buy 20 per cent more in the domestic firm for over Rs4,720 crore.
Holcim Mauritius holds 32.3 per cent stake in Ambuja Cements and after the acquisition of additional 3.9-per cent stake, the Swiss firm is obliged to make an open offer.
With the purchase of this block of shares, Holcim has exceeded the acquisition limit of five per cent in a fiscal year as prescribed by takeover norms of the country and was required to make the open offer.
Holcim Mauritius has made the open offer to shareholders of Ambuja Cements for acquiring over 30.65 crore shares, representing a 20-per cent stake in the company at Rs154 per share, Ambuja Cement said in a filing with the Bombay Stock Exchange (BSE).