Holcim makes open offer to buy 20 per cent in Ambuja Cements

Mumbai, Aug 23 (UNI) Swiss cement maker Holcim today made an open offer to buy 20 per cent in Ambuja Cements for over Rs 4,720 crore, pursuant to the acquisition of a 3.9 per cent stake in the domestic firm.

Currently, Holcim Mauritius has 32.3 per cent stake in Ambuja Cements and after the acquisition of additional 3.9 per cent stake, the Swiss company is obliged to make an open offer.

With the purchase of this block of shares, Holcim has exceeded the acquisition limit of five per cent in a fiscal year as prescribed by takeover norms of the country and was required to make the open offer.

Holcim Mauritius has made the open offer to shareholders of Ambuja Cements for acquiring over 30.65 crore shares, representing a 20 per cent stake in the company at Rs 154 per share, the domestic cement leader said in a disclosure to the Bombay Stock Exchange.

The proposed price of the open offer, which would conclude by the end of the November, represents a premium of around 20 per cent over the average price of the scrip on National Stock Exchange in the last two weeks.

UNI