Holcim hikes stake in Gujarat Ambuja Cements to 18.4 pc
Swiss cement major Holcim upped its stake in Gujarat Ambuja Cements on Thursday, buying 50 million shares from the promoter group in two block deals.
Holcim paid Rs 685 crore for what amounted to a 3.6 per cent stake in GACL. The Swiss company’s stake in GACL now goes up to 18.4 per cent from about 14.8 per cent.
The Sekhsaria (promoter) family’s holding companies Radha Madhav and RKBK Financial Services sold the shares to Holderind Investments Ltd, Mauritius (for Holcim).
Holcim had acquired a 14.8 per cent stake in GACL from the promoters in January this year when it bought majority stake in Ambuja Cement India Ltd.
When group company Ambuja Cement Eastern is merged with GACL, Holcim’s stake in GACL will go up to 27 per cent.
Thursday’s deal was part of the shareholder agreement between Holcim and the promoter family; Holcim does not plan to increase its stake further in GACL, said agency reports quoting a Holcim spokesperson.
The GACL Managing Director, Mr Anil Singhvi, had earlier said that Holcim might further hike its stake in the company, in line with its stake in ACC Ltd, agency reports said.
Holcim also has over 34 per cent stake in ACC Ltd, having initially bought into the company in 2005.
GACL shares closed Thursday at Rs 138.90, up 1.2 per cent from Wednesday’s close on the BSE.
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