The Hindu : Custodian puts 1.62 cr. ACC shares on block

Online edition of India's National Newspaper
Tuesday, Sep 23, 2003

Business

Business

Custodian puts 1.62 cr. ACC shares on block

MUMBAI SEPT. 22. The Special court appointed Custodian is to sell 1.62 crore shares of Associated Cement Companies (ACC) and 12.5 lakh shares of Snowcem held by Harshad Mehta group entities through a public auction.

The ACC shares, which constitute over 10 per cent of the cement major's equity, are valued at nearly Rs. 300 crores.

Corporates, individuals and other prospective investors should file their offers for "controlling block'' of shares on or before October 8, the Custodian said in a statement here.

The Special court after ascertaining the highest offer may give an opportunity to the management of the cement company to buyback shares as a "controlling block'' of shares, it said.

Based on the closing price of ACC stock of Rs. 184.25 on September 19, at Stock Exchange, Mumbai, the shares are valued close to Rs. 300 crores.

Ambuja Cement India holds 14.3 per cent stake while the Life Insurance Corporation of India has 16.17 per cent holding in the cement major as on June 30, 2003, according to shareholding data filed with the National Stock Exchange.

— PTI

Printer friendly page
Send this article to Friends by E-Mail

Business