Gujarat Ambuja Cements Ltd (GACL) and Holcim Ltd on Thursday completed financial closure of transaction worth Rs 35.4bn (US$810.4m) under which Holcim will hold 67 per cent stake in Ambuja Cement India Ltd (ACIL). Holcim group has been issued and allotted 39.01 per cent equity shares worth Rs 18.34 billion and 81,003 preference shares amounting to Rs 8.1bn in ACIL, GACL said in a release.
With the allotment of shares and by buying shares from private equity investors worth 8.96 billion, Holcim holds 67 per cent of equity in ACIL with the balance held by GACL. Holcim had earlier entered into an agreement with private equity investors (AIG/GIC) of ACIL to acquire their entire 40 per cent shareholding in ACIL. It had also entered into share subscription agreement with ACIL for its proposed subscription of US$600m towards capital.
Holcim Ltd has struck a strategic alliance with Ambuja Cement India Ltd (ACIL), to acquire a majority stake through an open offer in Associated Cement Company Ltd (ACC) at Rs 370 per share. ACIL holds 13.8 per cent stake in ACC and intends to increase its shareholding to 50.01 per cent.
