Holcim picked up 1.65 per cent stake in Gujarat Ambuja Cements for over Rs 300 crore through open market operations, taking its holding in the company to nearly 21 per cent.
Holderind Investments, part of the Holcim group, acquired 22.5 million shares of Gujarat Ambuja for Rs 136.65 a piece. The Indian promoters, the Sekhsharia-Neotia combine, hold 5.28 per cent stake.
Holcim had bought 3.7 per cent in Gujarat Ambuja Cements from its Indian promoters for Rs 690 crore two months ago.
The deal price of Rs 136.65 a share is 30 per cent higher than the Rs 105 a share — including a non-compete fee — that Holcim paid in January to buy 14.8 per cent stake in Gujarat Ambuja from its founders, the Sekhsaria and the Neotia families.
** Broking house, Batlivala & Karani securities expects Gujarat Ambuja to post a revenue of Rs 1306.1 crore in December quarter, up by 68.9% YoY and its PAT is expected to rise by 268% YoY at Rs 349.6 crore in Q3FY07.