Holcim hikes stake in Gujarat Ambuja Cements
Tuesday, April 24, 2007Holcim, the world's second-biggest cement maker, has raised its stake in Gujarat Ambuja Cements (GACL) to nearly 30% in a deal worth approximately Rs 322 crore. Around 27.96 million GACL shares, constituting roughly 1.8% of its equity, was traded in a block deal on the Bombay Stock Exchange at a price of Rs 115 per share on Monday (23 April 2007).
Holcim owns nearly 28 per cent in Ambuja Cements and this stake would rise to nearly 30 per cent after the latest deal.
In another development, Matsushita Electrics of Japan has bought an 80% stake in Anchor Eelectricals for more than Rs 2,000 crore. Anchor shouldn't have sold their stake and taken the IPO route because India will witness organised retailing of Electrical products with the construction boom in the next 2 decades. What Matsushita paid Anchor is priceless.
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