Holcim announces open offer for Gujarat Ambuja

Holderind Investments Limited, Mauritius, a subsidiary of Swiss cement major Holcim, has announced the open offer for an additional 20-per cent stake in Gujarat Ambuja Cements.

Holcim is offering to acquire up to 274,320,222 equity shares of Gujarat Ambuja for Rs90.64 per share payable in cash. DSP Merrill Lynch is the manager to the offer.

The offer is due to open on 25 March 2006 and will close on 13 April 2006.

Holcim had acquired a 14.8 per cent stake in Gujarat Ambuja Cements from its promoters early this week at a price of Rs105 per share, including Rs15 as non-compete premium.

Gujarat Ambuja is trading at Rs85.6 (down 3.33 per cent) at 02.46 PM on the NSE today.