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Corporate Aug 14, 2012

LIC sells 3% stake in ACC Cements for Rs 188 crore

State-run Life Insurance Corporation (LIC) has sold 2.68 percent stake in cement maker ACC for Rs 187.75 crore through open market operations.

LIC had 10.51 percent stake or 18.77 crore shares in ACC prior to the transactions that took place between November last year and August 10 this year, both at the BSE as well as the NSE, the cement firm said in a regulatory filing.

ACC, however, had said that it would file an appeal with the appropriate authority against the order. Reuters

Following the transactions, LIC's shareholding in ACC, in which Swiss major Holicm has the majority stake, has now come down to 7.82 percent. As of June-end, LIC had 8.55 percent stake in ACC and Holcim had 50.30 per cent stake.

The company's scrip was trading at Rs 1,360 in the afternoon at the BSE, down 0.03 percent over the previous close. Competition watchdog CCI had on slapped Rs 1,147.59 crore penalty on ACC for its involvement in forming both price and production cartels along with its peers last June.

ACC, however, had said that it would file an appeal with the appropriate authority against the order.

PTI


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