Holcim open offer for GACL starts today

Holcim open offer for GACL starts today
Published: 05 April 2006

Holcim’s offer to acquire an additional 20.3 per cent of Gujarat Ambuja Cement Ltd (GACL) at Rs 90.64 per share from the retail investors will open on Wednesday. Holcim, which controls 14.8 per cent in GACL, has made this obligatory offer as the Swiss company will obtain management control of the cement company. It is open for 20 days till April 24.  

On Tuesday, the GACL stock on the BSE witnessed muted reaction from investors as the scrip ended 1.3% lower at Rs 105. On March 29, during the run-up to the open offer, the stock price had crossed the Rs 100 mark and ended at Rs 103, with the recent high at Rs 107.  There were speculation that Holcim might revise its open offer price upwards to Rs 105.