The Telegraph
Since 1st March, 1999
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Harshad’s ACC shares on the block

Mumbai, Sept. 22 (PTI): The custodian appointed by the special court will sell 1.62 crore shares of Associated Cement Companies Ltd (ACC) and 12.5 lakh shares of Snowcem Ltd held by the 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 crore.

Companies, 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 buy back shares as a “controlling block” of shares, it said.

Ambuja Cement India Ltd holds 14.3 per cent stake while Life Insurance Corporation of India has 16.17 per cent holding in the cement major as on June 30, 2003.

The public holding in ACC is pegged at 34.81 per cent while that of foreign institutional investors (FIIs) was just over 10 per cent as on June 30, 2003.

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