Holcim raises stake in ACC

Holcim raises stake in ACC
09 May 2007

Holcim has raised its stake in India’s top cement manufacturer ACC Ltd by three per cent to nearly 42 per cent by buying shares from the open market for over Rs 6.40bn (US$157.4m).  
The Swiss firm bought 716,000 shares for a total of Rs 6.42bn in block deals, according to data available with National Stock Exchange.  
Ambuja Cement India, in which Holcim controls a majority stake, bought 1.016m shares at Rs 889.23 apiece and 6.142m shares at Rs 898.3 per share.  
At the selling-end, HSBC Global offloaded 3.074m shares for Rs 900 each – netting it Rs 2.76bn. The foreign fund-house earlier held 3.843m shares in ACC.  
At the end of March 31, Holcim held 37.75 per cent stake in ACC through Ambuja Cement India Pvt Ltd and 0.29 per cent through Holderind Investments.  
Post-transaction, Ambuja Cement India and Holderind together now own 41.8 per cent, representing nearly 78.4m shares in ACC Ltd. 
Until April, Holcim owned nearly 30 per cent in another leading cement maker Ambuja Cements (earlier known as Gujarat Ambuja) through direct and indirect shareholdings.
Published under Cement News