Gujarat Ambuja sells 11% in ACIL to Holcim for Rs 526.5cr

New Delhi, Feb 27 (UNI) Gujarat Ambuja Cements Ltd has sold 11 per cent of its stake in Ambuja Cement India Pvt Ltd (ACIL) to Swiss cement major Holcim for Rs 526.5 crore.

The company said it has exercised its put option for the 11 per cent stake in ACIL and sold 9,53,75,000 shares.

''By selling these shares, the company has realised profit of Rs 240.7 crore,'' a Gujarat Ambuja statement said.

After the sale, the company ownership in ACIL has been reduced to 22 per cent from 33 per cent, with Holcim owning the remaining 78 per cent.

UNI