Chennai, Sept. 26
ICL Securities Ltd, a wholly owned subsidiary of India Cements Ltd, has entered into an agreement to purchase 4 lakh equity shares of Visaka Cement Industry Ltd from Trishul Investments Pvt Ltd.
The shares will be bought at Rs 10.25 a share for a total consideration of Rs 41 lakh, according to an India Cements' release to the stock exchanges today. The shares have been pledged with a bank and the deal will get completed once they get released.
The shares represent 0.2 per cent of the equity share capital of Visaka Cement Industry Ltd and on completion of the transaction, India Cements' holding along with that of another subsidiary in Visaka Cement will exceed 50 per cent. Visaka Cement has a 1.12 million tonnes cement plant at Tandur in Ranga Reddy district of Andhra Pradesh.