Putnam Investments, the Boston-based portfolio management company, has announced it has 23.5 million CRH shares, representing a 6.09 per cent stake in the company. The holding is valued at £212 million.

Putnam had no declarable interest - 3 per cent or over - on March 2nd 1998, according to CRH's last annual report. However, it appears to have had a stake of under 3 per cent last March in two separate funds and the present stake has been built up since then. No one was available from Putnam for comment.

The shareholding is held by Putnam Investment Management and The Putnam Advisory company. Putnam is now the second largest investor in CRH. The largest is Bank of Ireland Nominees with 7.4 per cent. Allied Irish Banks and its subsidiaries, and Standard Life Assurance have holdings of 3 per cent to 5 per cent each. Norwich Union Life Insurance Ireland has 3 per cent.