LIC only bidder for Harshad’s ACC stake

Life Insurance Corporation (LIC) is the sole bidder for Harshad Mehta’s stake in cement giant ACC. The LIC’s bid for 9.39 per cent of ACC’s equity will now be evaluated by the Special Court. The bids for Mehta’s share in ACC opened on Wednesday at the Custodian’s office in Mumbai. It is understood that LIC bid at a discount to the closing price of Rs 213.25 on Wednesday. Surprisingly, Gujarat Ambuja and other potential bidders stayed away. ‘‘The fact that there was only one bidder and the low bidding price have made the sale process uncertain now,’’ sources said.

According to market price of ACC, Harshad’s holding is worth over Rs 347 crore.