Holcim’s open offer to Gujarat Ambuja Cements Ltd (GACL) shareholders to pick up an additional 20 per cent stake in the company, may have elicited lukewarm response, people in the know say. The offer closed on Monday. The Swiss major is willing to pay Rs 90.64 per share, even as the GACL stock closed at Rs 119.50 on the Bombay Stock Exchange (BSE) Ltd on Monday. Nobody would want to sell the stock at a 30 per cent discount," said Rajan Kumar, an analyst with Networth Stock Broking Ltd.

"Cement is poised for good prospects. The industry is expected to grow at the rate of 8-10% for next two year. Pricing power is coming back to the industry. There is demand-supply mismatch. I dont think people will sell the stock”. 
 
“The growth is so promising that it makes sense to stay invested," says Meenal Sikchi, an analyst with Care Ratings. In a Rs. 2,100-crore deal, Holcim had acquired 14.8 per cent of the promoters’ stake in (GACL) in the month of January this year. This is considered to be one most expensive deals in the sector.