Endeavour Trade And Investment Ltd signed agreement to acquire 4.48% stake in ACC Limited (NSEI:ACC) from Holcim Ltd (SWX:HOLN) for INR 19.3 billion on May 15, 2022. As per the transaction, Endeavour Trade And Investment Ltd will acquire shares at INR 2300 per share. In a related transaction, Endeavour Trade And Investment Ltd signed agreement to acquire 63.11% stake in Ambuja Cements Limited (BSE:500425) from Holderind Investments Ltd. on May 15, 2022.

The transaction is subject to approval by local authorities and is expected to close in the second half of 2022. The completion of the Underlying Transaction under the Share Purchase Agreement is subject to the receipt of the Required Statutory Approval. Ashwath Rau, Kashish Bhatia, Samir Gandhi, Jasmin Karkhanis, Bharat Budholia and Toshit Shandilya of AZB & Partners acted as legal advisor to Holcim and ACC Limited.

JPMorgan Chase & Co. (NYSE:JPM) acted as a financial advisor to Holcim Ltd (SWX:HOLN).