Mumbai, May 3: Gujarat Ambuja Cements Ltd (GACL) today inducted three representatives of Swiss cement major Holcim Limited into its board.

Holcim’s representatives, who include its CEO Markus Akermann, have joined the GACL board just over a week after Holcim’s open offer to GACL’s shareholders closed without generating much response because the offer price was at a sharp discount to the market price.

Paul Hugentobler, executive committee member of Holcim, and Nirmalya Kumar are the other two Holcim representatives who have joined the Gujarat Ambuja board as additional directors.

Nimesh Kampani and M.T. Patel, who were independent directors on the board of the company, submitted their resignations today.

Holcim had offered to pay Rs 90.60 per share to pick up another 20 per cent stake in the company, but got only 0.04 per cent from the shareholders.

Meanwhile, the board of GACL has proposed the merger of Ambuja Cements Eastern Limited (ACEL) with GACL.

According to the proposal, four equity shares of GACL of Rs 2 each fully paid up will be issued for every five equity shares of Rs 10 each fully paid up of ACEL.