Business Daily from THE HINDU group of publications
Wednesday, Feb 28, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Feb 28, 2007 ePaper |
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Corporate
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Mergers & Acquisitions
Our Bureau
Swiss cement company Holcim has increased its stake in Ambuja Cement India Ltd (ACIL) to 78 per cent, buying an additional 11 per cent stake from Gujarat Ambuja Cements Ltd (GACL). Gujarat Ambuja Cements Ltd exercised its put option on Holcim for 11 per cent of its holding in Ambuja Cement India, said a statement to BSE from the company. It sold 9.53 crore shares of ACIL for Rs 526.5 crore realising a profit of Rs 240.7 crore. GACL has 33 per cent stake in ACIL and has a put option on this stake until January, 2008. ACIL held 35.15 per cent stake in ACC Ltd and 9.93 per cent stake in GACL; a subsidiary of Holcim, Holderind Investments holds 16.51 per cent in GACL, all as on December 31, 2006. GACL closed at Rs 125.7, 1.45 per cent lower on BSE while ACC gained 1.6 per cent to close at Rs 961.05 on Tuesday.
More Stories on : Mergers & Acquisitions | Cement | Gujarat Ambuja Cements Ltd
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