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Mumbai April 20 ACC Ltd has picked up about 13 per cent equity stake in Orissa-based Shiva Cement Ltd.

In a notice to the stock exchange, ACC said the company would be subscribing to 1.45 crore shares of Shiva Cement allocated to it on a preferential basis at Rs 11 per share (Rs 2 face value and Rs 9 premium ), aggregating Rs 15.95 crore.

ACC would also be issued 1.45 crore warrants which can be converted into an equal number of equity shares at Rs 11 per share after 18 months from the date of allotment.

Shiva Cement Ltd operates a mini cement plant with a clinkering capacity of 350 tonnes per day and cement grinding capacity of 1,30,000 tonnes per year.

Supply pact

ACC has a supply agreement with Shiva Cement in terms of which it will manufacture and supply cement to ACC as per its quality and other specifications for a period of five years, the company said in a press release.

ACC already has a cement plant in Orissa at Bargarh.

More Stories on : Mergers & Acquisitions | Cement | Associated Cement Companies Ltd

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