Holcim’s open offer, to acquire 20 per cent stake from the shareholders of Gujarat Ambuja Cements (GACL), has been rescheduled for later this week. The offer, at Rs 90.64 per share, was delayed following technical issues raised by the Securities & Exchange Board of India (Sebi).
“It should be out either on Wednesday (March 29) or Thursday,” said a spokesperson of Gujarat Ambuja Cements. “Sebi has sent an observation letter to the company on some technical grounds. But this shouldn’t take much time,” added an industry observer tracking the company.
In a deal that was said to be one of the most expensive in the global cement industry, Holcim had in January bought 14.8 per cent promoters’ stake in GACL for Rs 2,142 crore.
Holcim’s open offer to buy 20 per cent is said to be worth Rs 2520 crore at Rs 90.64 per share. The promoters, the Sekhsaria and Neotia families, continue to hold eight per cent stake in the company.
Following the transfer of control to Holcim, Narotam Sekhsaria resigned as managing director and was appointed as non-executive director and vice-chairman of the company.
Whole time director Anil Singhvi took over as the managing director. Last year, Holcim had entered into a strategic alliance with GACL and took a majority stake in Ambuja Cement India and a substantial stake in ACC.