Financial Daily from THE HINDU group of publications
Tuesday, Feb 28, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 28, 2006 |
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Corporate
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Restructuring Markets - Stocks Sanmar group plans to shed more stake in India Cements Our Bureau
Chennai , Feb. 27 The Sanmar group, led by Mr N. Sankar, will further dilute its stake in India Cements. Three investment companies belonging to Mr N. Srinivasan, Vice-Chairman and Managing Director of India Cements, and his family will together buy 4.19 per cent stake from Stargate Investments Ltd, an investment company that belongs to Mr Sankar and his family. (Mr Sankar is the Chairman of India Cements.) With this, the Sanmar group's stake in India Cements will come down to about six per cent. According to information provided to the stock exchanges today, the three companies - Anna Investments Pvt Ltd, EWS Finance & Investments Ltd, and Prince Holdings (Madras) Pvt Ltd - will acquire 80 lakh shares of India Cements in two equal tranches. The first transaction will be on March 3 and the next on March 10. Since this is an inter se transfer - transfer of shares among promoters - the price will be that prevalent on the days the deals are completed. After the acquisition, the three investment companies belonging to Mr Srinivasan and his family will together hold 26.29 per cent stake in the company. It was in September 2005 that the Sanmar group began the process of diluting its stake in India Cements. At that time, the group sold 11.91 per cent stake for a total consideration of about Rs 192 crore - Rs 10 share for about Rs 116 each, as per the prevailing market price. The India Cements scrip closed at Rs 136.05 on Monday.
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