Financial Daily from THE HINDU group of publications
Saturday, Sep 17, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 17, 2005 |
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Corporate
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Mergers & Acquisitions India Cements' promoters complete share transfer Our Bureau
Chennai , Sept. 16 THE Sanmar group on Friday sold 11.91 per cent of its stake in India Cements to the co-promoters led by Mr N. Srinivasan, the company's Vice-Chairman and Managing Director, for a total consideration of about Rs 192 crore. The Sanmar group, led by Mr N. Sankar, its Chairman, who is also the Chairman of India Cements, sold 1.65 crore shares at about Rs 116 each, according to reliable sources. Last week, India Cements announced that Mr Sankar's family was divesting 11.91 per cent of its 25 per cent stake in India Cements in favour of the co-promoters in a block deal. The sell and buy options were put through simultaneously, the sources said. With this, the Sanmar group's stake in India Cements has fallen to 13.26 per cent, while that of Mr Srinivasan and his family increased to 30.42 per cent. There is, however, no change in the promoters' stake in the company, which is 43.68 per cent. Three investment companies belonging to Mr Srinivasan and his family bought the shares from Stargate Investments Ltd of the Sanmar group.
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