Holcim’s open offer to Ambuja Cements begins tomorrow

Holcim’s open offer to Ambuja Cements begins tomorrow
Published: 14 November 2007

Holcim’s open offer for over 20 per cent stake in  Ambuja Cements will start from tomorrow.  
 
In a filing to the Bombay Stock Exchange, Ambuja Cements said, as per the revised schedule the offer would open on November 14 and close on December 3.  
 
Further,  Ambuja Cements said pursuant to the issue of shares on account of exercise of employee stock options, the fully paid-up equity capital of the company has increased from 152.16 crore to 152.17 crore shares.  
 
As a result, the offer size as a percentage of fully paid-up equity capital outstanding has been modified to 20.14 per cent from 20.15 per cent.  
 
Shares of  Ambuja Cements closed at Rs 146, down 0.75 per cent on BSE. 
 
Holcim, which already owns 36 per cent in Ambuja Cements, had said in August 2007 that it planned to buy 20 per cent more, from the public shareholders at Rs 154 each, beginning October 18.  
 
However, in October, manager to the offer DSP Merrill Lynch had said the offer has been postponed till further notice.