Mumbai: Ambuja Cements Ltd has turned down 3.86 per cent to Rs 139.60 after Swiss cement manufacturer Holcim has held up the open offer to get hold of a further 20 per cent stake.

DSP Merrill Lynch, manager to the offer, stated that the offer has been held over until further notice.

Holcim that previously holds up 36 per cent in Ambuja Cements, had stated in August 2007 that it projected to pay money for 20 per cent more, or up to 30.66 crore shares from the public stockholders at Rs 154 each, starting October 18.