Gujarat Ambuja, Holcim close deal

Gujarat Ambuja Cement and Holcim on Thursday announced the completion of financial closure of Rs 3,540 crore (Rs 35.40 billion) for Ambuja Cement India.

According to a release issued by GACL to the Bombay Stock Exchange on Thursday, "Holcim group have been issued and allotted 39,01,63,637 equity shares totalling Rs 1,834 crore (Rs 18.34 billion) and 81,003 preference shares amounting to Rs 810 crore (Rs 8.10 billion) totalling Rs 2,644 crore (Rs 26.44 billion) of Ambuja Cement India."

With Holcim buying shares from private equity investors worth Rs 896 crore (Rs 8.96 billion), Holcim group now holds 67 per cent of the equity capital of Ambuja Cement India with the balance 33 per cent held by GACL, the release added.