Mumbai: Holcim, the world’s second-largest cement maker, has raised its stake in India’s top cement manufacturer ACC Ltd by over 4% to 41.66% by buying shares from the open market for over Rs650 crore.
The Swiss firm through its domestic arms Ambuja Cement India and Holderind Investments bought 81 lakh shares, a regulatory filing on the Bombay Stock Exchange shows.
Ambuja Cement India, in which Holcim controls a majority stake, bought 77 lakh shares in two tranches at Rs889.23 and Rs898.3 apiece on 9 May.
Through Holderind Investments, Holcim hiked its direct stake in ACC by purchasing 4 lakh shares.
Fund houses like HSBC Global, Morgan Stanley, Aruna Fund, ICICI Prudential, Nomura Investments sold the shares.
At the end of 31 March, Holcim held 37.34% stake in ACC through Ambuja Cement India Pvt Ltd and 0.29% through Holderind Investments.
Post-transaction, Ambuja Cement India and Holderind together now own nearly 7.80 crore shares, representing 41.66% in ACC Ltd.
Global cement makers such as Holcim and Lafarge are increasing their presence in world’s second-fastest growing major economy by buying firms and setting up new projects.
Till April, Holcim owned nearly 30% in another leading cement maker Ambuja Cements (earlier known as Gujarat Ambuja) through direct and indirect shareholdings.