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Mumbai:
Gujarat Ambuja Cements Ltd has sold 11 per cent in Ambuja
Cement India (ACIL) to Swiss cement maker Holcim for Rs527
crore ($119 million). Gujarat Ambuja''s stake in ACIL now
stands at 22 per cent down from 33 per cent earlier. Holcim
owns the remaining 78 per cent stake in ACIL.
Gujarat
Ambuja has exercised its put option for 11 per cent
stake and sold 9.53 crore shares to Holcim, a release
issued by GACL to the Bombay Stock Exchange (BSE) said.
GACL
gained Rs240.7 crore by selling these shares. Holcim,
in 2005, had bought 67 per cent stake in ACIL - 40 per
cent from the government of Singapore and American International
Group and 27 per cent through subscription of preferential
shares for Rs3,502 crore.
Holderind
Investments, a subsidiary of Holcim, currently holds
16.51 per cent stake in Gujarat Ambuja, while ACIL holds
9.93 per cent stake in the company.
The
Swiss cement major is increasing its stake in ACC and
Gujarat Ambuja Cements.
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