Ambuja Cements has gained public shareholders' for its proposal to buy a 24 per cent stake in Holcim India for Rs 3,500 crore.

The cement giant has just released a statement, claiming that 68.52 per cent of public shareholder voted in favour of its plan to buy the stake in Holcim India. As per available data, 87 per cent of the institutional investors had cast their votes.

The company also gained public shareholders' approval for its amalgamation plan. In the first step, Ambuja Cements will acquire 24 per cent stake in Holcim India from its Swiss parent firm and then Holcim India will be amalgamated into Ambuja Cements.

While most of the FIIs reportedly voted in favour of the deal, domestic insurance firms, which own nearly 18 per cent of the non-promoter shareholding, are said to have voted against the deal.

Domestic institutions (DIIs), which jointly own nearly 9 per cent stake in Ambuja Cements, voted against the company's merger plan.

Shriram Subramanian, founder of Bangalore-based InGovern Research Services, said, "Global institutions may have relationships with the parent (Holcim) or have an exposure to the company. So it may be a good deal for the FIIs but not for Indian shareholders."

Shares of Ambuja Cements slipped 0.3 per cent to close Rs 178 apiece after the announcement of poll results. Since the announcement of the deal in July this year, the stock has lost 15 per cent of its market value.