Nov 19, 2013, 02.09 PM IST
The deal was structured at an EV per tonne of USD 115 which was fair, but all the cash from Ambuja's books- nearly 90 percent plus, that is around Rs 3,500 crore- was going to be drained and in addition to this there were also shares that were going to be issued to the parent Holcim.
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Holcim-Ambuja deal likely to get shareholders nod: Sources
The deal was structured at an EV per tonne of USD 115 which was fair, but all the cash from Ambuja's books- nearly 90 percent plus, that is around Rs 3,500 crore- was going to be drained and in addition to this there were also shares that were going to be issued to the parent Holcim.
Like this story, share it with millions of investors on M3
Holcim-Ambuja deal likely to get shareholders nod: Sources
The deal was structured at an EV per tonne of USD 115 which was fair, but all the cash from Ambuja's books- nearly 90 percent plus, that is around Rs 3,500 crore- was going to be drained and in addition to this there were also shares that were going to be issued to the parent Holcim.
Also read: Holcim's India operation restructuring plan gets FIPB nod
The deal was structured at an EV per tonne of USD 115 which was fair, but all the cash from Ambuja's books- nearly 90 percent plus, that is around Rs 3,500 crore- was going to be drained and in addition to this there were also shares that were going to be issued to the parent Holcim.
Broadly speaking, Holcim was going to gain and Ambuja really would be drained of all its cash. That is why the market really gave Ambuja a thumbs down post the deal being announced.
The voting for this particular deal closes today. The promoters (Holcim) hold nearly 50 percent of the company. Domestic Institutional Investors (DII) and Foreign Institutional Investors (FII) together hold nearly 40 percent stake of which Life Insurance Corporation (LIC) is the major shareholder because it owns nearly 6 percent.
Sources have indicated that the vote is likely to be in favour of the deal. In that case, more than 25 percent of the remaining shareholders (including most of the minority shareholders) are likely to vote in favour of this deal. If it gets the shareholders' nod, the deal progresses to the next stage.
The counting would be done in Gujarat in Ambujanagar and the results will be out in the next two days odd. Proxy advisor ISS believes post the deal Ambuja Cements would be net cash positive despite draining roughly Rs 3,500 crore because they will also get access to ACC's Rs 3,000 crore odd.
Besides, the entity would also benefit because of the synergies between the two companies.
On the other hand IIAS has recommended voting against the deal. It believes that Holcim did not deserve to receive all this cash that was in Ambuja's books. They have further stated that from the time Holcim has taken over, the company's progress really has been halted in comparison to how it was doing before.
Ambuja Cements stock price
On November 19, 2013, at 14:12 hrs Ambuja Cements was quoting at Rs 179.15, down Rs 0.05, or 0.03 percent. The 52-week high of the share was Rs 214.45 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 23.27. 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 3.14.
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