Guj Ambuja sells 11% in ACIL to Holcim

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Guj Ambuja sells 11% in ACIL to Holcim

Press Trust of India / Mumbai February 27, 2007

Gujarat Ambuja Cement (GACL) today sold 11% stake in Ambuja Cement India (ACIL) to Swiss cement major Holcim for Rs 526.5 crore.

According to a release issued by GACL to the BSE today, the company, which owns 33% in ACIL, has exercised its put option for 11% stake and sold 9.53 crore shares to Holcim.

GACL made a profit of Rs 240.7 crore by selling these shares. After this sale, Gujarat Ambuja owns 22% shares in ACIL and Holcim the remaining 78%, it added.

Holcim, in 2005, had bought 67% stake in ACIL - 40% from the government of Singapore and American International Group and 27% through subscription of preferential shares for Rs 3,502 crore.

Holderind Investments, a subsidiary of Holcim, currently holds 16.51% stake in Gujarat Ambuja, while ACIL holds 9.93% stake in the company.

BS WROTE IT FIRST: Holcim to up control in ACC, Guj Ambuja

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