Swiss cement major Holcim on Tuesday acquired roughly 3 per cent more in ACC Ltd, thus increasing its total holding to about 41 per cent in India's second biggest cement company.
Confirming the development, Swiss-based Holcim spokesman Peter Gysel from its headquarters said, "Yes, we have acquired little less than three per cent more stake in ACC. We are committed to the Indian market and we believe that the market will be continuing to grow."
An ACC spokesman refused to comment saying his firm was yet to be informed about the stake increase.
The Holcim spokesman could not quantify the amount of money spent in buying the additional stake from a clutch of investors. But according to market sources, it is estimated at $129 million (Rs 526.57 crore).
Apart from its 41 per cent stake in ACC, Holcim also has close to 30 per cent in Ambuja Cement..
According to market analysts, the shares were bought from a clutch of investors in several deals, and stock market data indicated 5.859 million shares changed hands in block deals at an average price of Rs 899 per share.
Shares of ACC gained 2.68 per cent on Tuesday to settle at Rs 885.55 on BSE after Holcim acquired the three per cent..
Analysts say once Holcim gains majority control over ACC and Ambuja Cement, it would merge both the companies to achieve market leadership.