Ambuja Cements Limited, ACC shares up, tech fees to parent lower than expected
Reuters: Mumbai, Feb 19 2013, 15:24 IST
Shares of ACC Ltd and Ambuja Cements Ltd gained after shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim Ltd of 1 percent of net annual sales.
The approvals remove an uncertainty that had been weighing on the Indian companies, as some investors had feared a protracted process over a decision that had been unpopular with shareholders.
ACC gains 2.4 percent while Ambuja Cements is up 0.5 percent.
Holcim holds a 50.3 percent stake in ACC and 50.6 percent in Ambuja Cements.
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