Mumbai, Dec 14 :     Gujarat Ambuja Cements (GACL) will buy out 51 per cent in the Delhi-based DLF Cement for Rs 142 crore in a Rs 349-crore deal that includes a Rs 207-crore preferential offer. The holding could increase to 75 per cent if the preferential allotment, already cleared by the DLF board, is converted into equity shares later. Gujarat Ambuja managing director N S Sekhsaria called strategically advantageous the deal in which his company would purchase 4.53 crore equity shares (21%) held by DLF Industries in DLF Cements at a price of Rs 12.65.  In the second stage, Gujarat Ambuja would announce a public offer to acquire 4.26 crore DLF shares representing 20 per cent of its equity capital at a price of Rs 13.85. Sekhsaria said the acquisition would be funded through the Rs 350-crore cash surpluses expected to be generated by his company in the current financial year. Ambuja has already acquired 2 crore DLF equity shares representing 10 per cent of its paid-up capital on a spot delivery basis on December 13 at a price of Rs 12.65 per share. The purchase of a 21 per cent stake from the DLF promoters would cost Gujarat Ambuja Rs 82.61 crore while the open offer would account for Rs 60 crore.  At the board meeting of DLF held on December 13, the directors approved the preferential allotment of equity shares/securities of the nominal value of Rs 150 crore to Ambuja Cement. Sekhsaria added that real value of the allotment would be Rs 207 crore since it is being made at a higher price of Rs 13.85. While GACL?s holding in DLF is pegged at 51 per cent assuming the open offer evokes full response, the conversion of the preferential allotment could push up the stake to over 75 per cent. DLF has a cement plant of 1.5 million tonnes and also has a captive power plant of 15 mw. With this acquisition, Ambuja Cement is set to strengthen its presence in the cement markets of the northern region. DLF has a 1.5 million tonne plant in Rajasthan. Explaining the rationale for offering a better price to the DLF shareholders, Sekhsaria explained this was a consequence of not only the price formula prescribed by Sebi, but also the preferential allotment made to GACL. Sekhsaria added that the capital infusion through the preferential allotment may be used either to restructure the balance sheet of DLF or even hike its capacity. The ``restructuring?? of DLF?s balancesheet is significant as the company has not performed well and has accumulated losses of Rs 122 crore as of March 1999.