India Cements promoter N Srinivasan continues to exit various businesses, and as part of this move is now reducing stake in India Cements Capital Limited (ICCL).
ICCL informed exchanges on Thursday that stock broking firm Paterson & Co has acquired 53,72,000 shares comprising 24.7 per cent stake in ICCL from the open market. The filing said that Paterson is buying 53,72,000 shares from the market, and given Thursday’s share price of ₹15.75, the value of the deal comes to around ₹8 crore.
A source in the know said that ICCL is an RBI-authorised dealer for foreign exchange, and for stock broking firm Paterson, this forex dealership is an area of interest. “The promoters may dilute further stake in the open market,” the person added.
The promoter and promoter group of ICCL including N Srinivasan, ICL Financial Services Limited and ICL Securities Limited (both wholly owned subsidiaries of The India Cements Limited) divested their entire shareholding constituting 48.02 per cent of the paid-up equity share capital in July 2024 in favour of another promoter entity Sri Saradha Logistics Private Limited. Sri Saradha thus holds 74.9 per cent stake in the company.
Paterson is understood to have acquired stake from Sri Saradha.
India Cements forayed into financial services sector back in the nineties when it acquired Aruna Sugar Finance and later renamed it as India Cements Capital. When UltraTech Cement took over India Cements last year, ICCL was not part of the deal and was spun off.