Genesis Asset sells 2% stake in Ambuja Cement for Rs 646 cr

Genesis Asset Managers LLP, which had 5.39% stake earlier, brought its holding down to 3.38% through this sale

UK-based investment management firm Genesis Asset Managers LLP has sold 2.01 per cent stake in Ambuja Cement by selling 30.7 million shares for over Rs 646 crore in open market.

Genesis Asset Managers LLP, which had 5.39 per cent stake earlier, brought down its shareholding in the company to 3.38 per cent by selling these shares, Ambuja Cement said in a filing to the BSE.

Based on the closing price of the stock on September 2, at Rs 210.45 apiece, the transaction is estimated to have been valued at Rs 646.96 crore.

Shares of Ambuja Cement were trading at Rs 211.40 apiece on the BSE, down 3.36 per cent from previous close.