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Our Bureau

Chennai, Sept. 14 Mr N. Srinivasan, Vice-Chairman and Managing Director, India Cements Ltd, and his family today bought the residual 2.64 per cent stake of the company’s co-promoters, Mr N. Sankar and his family of the Sanmar group.

With this, Mr Sankar and his family have completely sold their stake in India Cements.

At Friday’s closing price of Rs 275.45 on the NSE, the transaction works out to about Rs 190 crore.

Last week, an investment company owned by Mr Sankar and his family had expressed its intention to sell its residual stake in India Cements, with the transaction to be completed on September 14.

Three investment companies belonging to Mr Srinivasan and his brother Mr N. Ramachandran, Executive Director, India Cements, bought 68.86 lakh shares from Mr Sankar and his family.

Mr Sankar is the Chairman of India Cements.

The Sanmar group began the process of diluting its stake in India Cements in September 2005, when it sold a 11.91 per cent stake to Mr Srinivasan and his family for about Rs 192 crore. Since then, the Sanmar group has gradually reduced its stake in the company.

India Cements was established in 1946 jointly by Mr S.N.N. Sankaralinga Iyer, Mr Sankar’s grandfather, and Mr T.S. Narayanaswami, Mr Srinivasan’s father.

The company’s first plant came up in Tamil Nadu in 1949. The company now has a capacity of 9 million tonnes, which it is expanding to 15 million tonnes within the next 18 months.

More Stories on : Stocks | Mergers & Acquisitions | Cement

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