Holcim GAC close deal

Holcim GAC close deal
Published: 08 April 2005

Gujarat Ambuja Cement (GACL) and Holcim on Thursday announced the completion of the financial closure of a Rs 3,540 crore transaction by which Holcim has taken a stake in Ambuja Cement India.  "Holcim group has been issued and allotted 39,01,63,637 equity shares worth Rs 1,834 crore, and 81,003 preference shares amounting to Rs 810 crore, totalling Rs 2,644 crore of Ambuja Cement India. With the above issue and allotment of the equity shares, and Holcim buying the shares worth Rs 896 crore from private equity investors, Holcim group now holds 67 per cent of the equity capital in Ambuja Cement India, with the balance 33 per cent held by the company (Gujarat Ambuja)," Gujarat Ambuja Cements said in a statement.