Holcim group ups stake in ACC

The world’s second-largest cement manufacturer Holcim group has acquired an additional 0.8% stake in its Indian subsidiary ACC through open market. The company acquired a significant part of this stake from ICICI Prudential Life Insurance Company that held 3.1% stake in ACC as on March end.

In a block deal, Holcim-controlled Ambuja Cement India nearly 15 lakh shares of ACC at an average price of Rs. 1,134.7 per share. Holcim controls its stake in ACC and Ambuja Cements through Ambuja Cement India. As on March 31, 2011 Holcim held 49% in ACC.