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Our Bureau

Mumbai, May 8

Swiss cement major Holcim has bought an additional 3 per cent equity stake in ACC Ltd taking its stake in the Indian cement manufacturer to over 41 per cent. Holcim bought around 60 lakh shares through bulk deals, paying Rs 900 per share, said sources close to the deal. It acquired the stake from a clutch of domestic and foreign investors, according to the National Stock Exchange filings.

Holcim bought into ACC when it acquired majority stake in Ambuja Cements India Ltd, later it had made an open offer at Rs 370 per share of ACC in 2005, hoping to take its shareholding to over 51 per cent. As on March 31, 2007, Holcim through its holding arm Holderind as well as though Ambuja Cements India in which it owns majority stake, had a stake of more than 38 per cent in ACC. Holcim also holds close to 30 per cent stake in Ambuja Cements Ltd (earlier Gujarat Ambuja Cements Ltd). Holcim has been gradually increasing its stake in these two cement majors. ACC closed at Rs 885.55 per share on the BSE on Tuesday, up by 2.68 per cent from Monday's close.

More Stories on : Mergers & Acquisitions | Cement | Associated Cement Companies Ltd

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