Holcim picks up 3.9 pc stake in Ambuja Cements
Holcim's subsidiary Holdering Investments bought six crore equity shares, representing 3.9 per cent stake, of Ambuja Cements at a price of Rs 154 each in a block deal at the Bombay Stock Exchange.
By PTI |
MUMBAI: Swiss cement major Holcim today consolidated its holdings in Ambuja Cements to 36.2 per cent after picking up 3.9 per cent stake in the domestic firm for Rs 924 crore in open market transactions.
Holcim's subsidiary Holdering Investments bought six crore equity shares, representing 3.9 per cent stake, of Ambuja Cements at a price of Rs 154 each in a block deal at the Bombay Stock Exchange.
Holcim bought the shares from two promoter group firms of Ambuja Cements -- Radha Madhav Investments Ltd and RKBK Fiscal Services Pvt Ltd. Radha Madhav Investments Ltd sold 3.90 crore shares, while RKBK offloaded 2.10 crore shares.
Last month, the company had said a letter of agreement had been entered into by its four promoters -- Narottam S Sekhsaria, RMIL, RKBK and Holderind Investments for sale of a 3.9 per cent stake to Holcim Mauritius.
The letter provided that Holcim Mauritius would acquire six crore shares of Ambuja Cements at Rs 154 per share, subject to requisite approval from the Reserve Bank.
Pursuant to the acquisition of a 3.9 per cent stake in the domestic firm, the swiss cement maker will make an open offer to buy an additional 20 per cent in Ambuja Cements for over Rs 4,720 crore. Holcim is obliged to make an open offer as it has bought more than five per cent stake in a year in the company.
Holcim's subsidiary Holdering Investments bought six crore equity shares, representing 3.9 per cent stake, of Ambuja Cements at a price of Rs 154 each in a block deal at the Bombay Stock Exchange.
Holcim bought the shares from two promoter group firms of Ambuja Cements -- Radha Madhav Investments Ltd and RKBK Fiscal Services Pvt Ltd. Radha Madhav Investments Ltd sold 3.90 crore shares, while RKBK offloaded 2.10 crore shares.
Last month, the company had said a letter of agreement had been entered into by its four promoters -- Narottam S Sekhsaria, RMIL, RKBK and Holderind Investments for sale of a 3.9 per cent stake to Holcim Mauritius.
The letter provided that Holcim Mauritius would acquire six crore shares of Ambuja Cements at Rs 154 per share, subject to requisite approval from the Reserve Bank.
Pursuant to the acquisition of a 3.9 per cent stake in the domestic firm, the swiss cement maker will make an open offer to buy an additional 20 per cent in Ambuja Cements for over Rs 4,720 crore. Holcim is obliged to make an open offer as it has bought more than five per cent stake in a year in the company.
ADVERTISEMENT
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
