ACC, Ambuja up after agreeing to pay tech fees to parent

Shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim of 1% of net annual sales

Shares of ACC Ltd and Ambuja Cements Ltd gain after shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim Ltd of 1% of net annual sales.

The approvals remove an uncertainty that had been weighing on the Indian companies, as some investors had feared a protracted process over a decision that had been unpopular with shareholders.

ACC gains 2.4% while Ambuja Cements is up 0.5%.

Holcim holds a 50.3% stake in ACC and 50.6% in Ambuja Cements.