Ambuja Cements Limited, ACC shares up, tech fees to parent lower than expected

Written by Reuters | Mumbai | Updated: Feb 20 2013, 18:58pm hrs
CementACC gains 2.4 percent while Ambuja Cements is up 0.5 percent. (Reuters)
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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