Holcim, which has majority stakes in two leading Indian cement makers - ACC and Ambuja Cements - had announced plan in July to consolidate operations in a cash and share deal in a two-step process, valued at about Rs 14,500 crore.
Sources said the complex deal was cleared by the Foreign Investment Promotion Board (FIPB) at its meeting today.
However, they said, since Holcim's proposal is of more than Rs 1,200 crore, it would require approval of the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Manamohan Singh.
Holcim had said that as part of the rejig process, Holcim India's over 50% stake in ACC will go to Ambuja.
Holcim's stake in Ambuja will rise to 61.39%, from a little over 50% after merger of Holcim India with Ambuja.
Ambuja Cements would merge Holcim India through cash and share transactions. Ambuja will first acquire a 24 percent stake in HIPL for Rs 3,500 crore, followed by stock merger between HIPL and Ambuja.
As part of the merger, the Swiss firm had said that Holcim will receive 58.4 crore new equity shares of Ambuja resulting in an increase of its ownership in Ambuja from 50.55% to 61.39 percent.
On the total value of the transaction, Ambuja Cements Managing Director Onne van der Weijde had said it would be about Rs 14,500 crore.
ACC and Ambuja would operate as separate entities with their respective brands, managements and dealer networks, he had said.
At the same time, he said the restructuring will have a synergy benefit of Rs 900 crore per annum accrued from logistics and supply chain.
At present, Holcim has a controlling stake in both ACC and Ambuja. The Swiss major directly owns 40.79 percent stake in Ambuja and another 9.76 percent through Holcim India (HIPL). Holcim has 0.29 percent in ACC directly and 50.01 percent through HIPL.
Post these transactions, Holcim will have 61.39 percent stake in Ambuja and 0.29 percent stake in ACC directly. Ambuja will have 50.01 percent stake in ACC.
Holcim said it does not have any plan to delist ACC from the Indian bourses, rather it would buy shares through open market purchase.
Ambuja Cements stock price
On November 13, 2013, Ambuja Cements closed at Rs 175.60, up Rs 2.80, or 1.62 percent. The 52-week high of the share was Rs 214.50 and the 52-week low was Rs 147.55.
The company's trailing 12-month (TTM) EPS was at Rs 7.70 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 22.81. The latest book value of the company is Rs 56.99 per share. At current value, the price-to-book value of the company is 3.08.
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