Swiss cement major Holcim on Tuesday said that the company has increased its equity stake in Ambuja Cements Ltd. (ACL) to 46%, increasing its shareholding in ACL by roughly 13% since August.The transaction, corresponding to a total investment of $780 million, is entirely financed through internal resources and existing credit facilities, Holcim informed.
In a statement, Holcim said, ?The company has successfully completed the transaction to expand its stake in the Indian group company Ambuja Cements Ltd (ACL) as announced in August 2007. Through the acquisition of a block of shares from the founding families, the related mandatory offer to the other shareholders and open market purchases, the Group has increased its shareholding in ACL. Thereof, just over 5% has been tendered in the public takeover offer.?
Ambuja Cement shares on Tuesday were up 1.22% or Rs 1.85 to close at Rs 153.90 on the Bombay Stock Exchange.
Holcim had delayed its open offer for a further 20% in ACL that started on November 14, nearly a month behind the original date. Offer manager DSP Merrill Lynch in October said, the open offer was postponed till further notice without giving a reason for the delay.
