Shares of Ambuja Cements and ACC extended losses for the second day in a row.
Ambuja Cements declined 0.88% to Rs 359.95. The stock has fallen 2.51% in two sessions.
ACC lost 1.06% to Rs 2130.75. The stock has slipped 3.53% in two sessions.
The two counters started to witness some selling after media reports suggested that world's largest cement maker, Holcim Group is planning to exit the Indian market. As a result, it has reportedly put its two listed firms, Ambuja Cements and ACC, up for sale.
As per the latest shareholding pattern (as on 31 March 2022), Holderind Investments (Holcim) held 63.19% stake in Ambuja Cements. In ACC, Holcim held 4.48% stake while Ambuja Cements held 50.05% stake.
As per reports, taking over Ambuja Cements and ACC will help succeed any player to evolve to the second position in the cement space. The combined pan India capacity will reportedly be around 66 million tonnes per annum.
According to a domestic brokerage report, the acquisition would be cumbersome and would be within the reach of only a few business groups. A promoter stake sale in Ambuja Cements would reportedly trigger an open offer in both, ACC and Ambuja Cements. The potential deal size could reportedly be $10-12 billion as per the brokerage's estimates.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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