Holcim buys Rs238 crore of ACC shares from the open market

Swiss cement maker Holcim, which owns Ambuja Cements, has bought 22 lakh shares of ACC from the open market for Rs238 crore.

The promoters of ACC — Ambuja Cement India Pvt Ltd with 45.91% stake and Holderind Investments Ltd with 0.29% — together hold 46.2% of the company.

Following the block deal, which was brokered at Rs1,074.54 per share, the promoter holding in ACC will further increase by 1.18%.

The street was abuzz that the deal was brokered by Enam.

ACC saw a total of 24.6 lakh shares traded during the day, of which 22.4 lakh shares were delivered by the end of the day.

An email sent to ACC deputy chairman Paul Hugentobler remained unanswered at the time of this report going to press.

Marketmen said the shares were bought after 3 pm.
Rupesh Sankhe, a research analyst with Angel Broking, said, “Holcim is looking at taking controlling stake in the company. And no one else will undertake basket buying unless it’s the promoter. The stock was up 2-3% and then went up 8% and still the deal happened.”

Another analyst from a domestic brokereage said it is positive news for shareholders that the promoters are looking at increasing stake in the company.

ACC shares closed the day at Rs1,075.20 per share, up `86.60, while Ambuja Cements gained 6.3% to Rs141.80.