India Cements denied reports that billionaire Radhakishan Damani is taking control of the company. In its response to a query from the stock exchanges, it has termed the reports that appeared in a section of the media as `factually incorrect.'

Media has been agog with some speculative reports, quoting market analysts, stating that billionaire Damani, owner of Avenue Supermarts Ltd, which operates the DMart retail chain, was considering taking control of India Cements. He has acquired close to 20 per cent stake in the cement major. N Srinivasan, vice-chairman and MD of India Cement has a controlling stake of 20 per cent.

“We reiterate that the company is in total compliance of all the disclosure requirements to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015 and wish to clarify that other than the disclosures already available in the stock exchanges, we have no other information / announcement (including impending announcement) to be made, which in our opinion may have a bearing on the price behaviour in the shares of our company,” India Cements said in a communiqué to stock exchanges.

While DMart declined to comment, according to market sources, it is unlikely that Damani would want to increase his holding beyond 26 per cent as that would trigger an open offer.

"Damani is an investor so he has been acquiring stake in India Cements over a period of time. It does not seem like he would want to own and operate a cement company," said a top Mumbai broker.

Share price of India Cements which opened at ₹133 levels in the morning on the BSE, touched a high of ₹139 on Wednesday after the report came regarding Damani’s proposal to takeover India Cements.

An email sent to Damani did not elicit any response.