Holcim ups stake in ACC

Mumbai, July 2

Swiss cement major Holcim, though its investment subsidiary Holderind Investment and Ambuja Cement, has acquired 4.62 per cent stake in ACC by way of creeping acquisition. Post acquisition, Holcim’s stake in ACC has gone up to 46.22 per cent from 41.60.

The promoter group or a company is allowed to buy up to 5 per cent in a financial year from the open market through creeping acquisition till their stake touches 55 per cent. Once the stake breaches the 55 per cent mark, the acquirer has to make a mandatory open offer.

“The purchase has been made between May 9, 2007 and July 27, 2008,” Ambuja Cement said in a BSE announcement. As on March 31, 2008, the promoter and promoter group, including Holcim and its subsidiaries, hold about 46.47 per cent stake in Ambuja Cement.

Between May 9, 2007 and July 27, 2008, ACC has dipped from Rs 875 to Rs 579, a fall of about 51 per cent. Last one week, the share shed 15.61 per cent and closed flat at Rs 502 on Wednesday.

Taken from Business Line

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