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Gujarat Ambuja takes majority stake in DLF Cement

Gujarat Ambuja Cement today announced that it would purchase 20 million equity shares of Delhi-based DLF Cement Limited.

GAC sources said that after a meeting held on Monday night, the company had decided to buy 20 million shares of DLF from its promoters at Rs 12.65.

The deal would help GAC acquire a majority stake in DLFC, promoted by Rajiv Singh, and having a capacity of 1.4 million tonnes.

Incidentally, DLF was having talks with French transnational Lafarge for transfer of stakes, but the talks failed.

Soon after the announcement, DLF's scrip spurted in the Calcutta Stock Exchange to be traded at Rs 18 against the previous day's closing price of Rs 16 and finally closed at Rs 17.90.

The GAC scrip's movement was more or less stable. The acquisition, as it appeared now, had no impact on its price movement. The counter closed the day at Rs 656 after touching an intra-day high of Rs 675 against the previous closing of Rs 641.

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