According to local press reports, Holcim is increasing its stake in Indian cement producer ACC through open market purchases in an attempt to get majority ownership of the company.
Sources said that Holcim is increasing its stake by another 3% to 46% taking advantage of the fall in the stock market.
Moreover, Holcim is eyeing a controlling stake up to 51% in ACC without tendering an open offer and wants to achieve it in the next five quarters itself.
According to Sebi rules, promoters can acquire maximum of 5% in a financial year without going for an open offer. A creeping acquisition is a way to buy shares in small quantities so as not to trigger disclosure norms.
An ACC source confirmed that top Holcim officials called chief financial officer (CFO) Onne Van der Weijde in their headquarters and the CFO left for Zurich on Wednesday.
Source: Economic Times of India