Prince Holdings (Madras) Private Limited, part of the promoter group of India Cements Limited bought 7.6 Mn shares from ASPDIN Limited at a price of R86 per share, amounting to R65.36Cr, thus hiking the stake by 2.47% from the previous 25.77% to 28.24%, according to bulk deals on BSE.
ASPDIN Ltd., which held 8.5 Mn shares (2.75% stake) in the company, sold off 8.13 Mn shares of its holding, comprising a majority stake, through bulk deal.
ASPDIN Ltd , headquartered in U.K, is an independent advisor for occupiers and developers of residential and working accommodation. The group is headed by the MD Paul Watson, who has over 30 years of experience of dealing with issues which affect the operation, development and value of property.
The other major shareholders of the promoter group include EWS Finance and Investments (9%), Anna Investments (4.24%) and Vidya Subramanian (6.50%). Another major foreign shareholder in the company comprise of a combined holding of Mellon Capital Management Corp. and the Boston Company Asset Management LLC (10.45%) as on Mar'12.
India Cements Limited is a cement manufacturing company, established in 1946, and has about seven cement manufacturing plants spread over Southern India catering to major markets in South India and Maharashtra. The capacities of its plants are over 9 Mn tons per annum.
India Cements had earlier announced plans to invest R750 Cr in one of its plants located at Thalavai in Ariyalur district of Tamil Nadu to expand the existing capacity of the plant.
The Competition Commission of India (CCI) had fined 11 Indian cement companies a total of more than R60 Bn in a price collusion investigation matter last month and India Cements was a part of the group being fined.
In the cement industry space, Ambuja Cement acquired majority stake in Nepal’s Dang Cement last June for R19.13Cr. JP Associate was planning to sell its cement plants in Gujarat and AP To UltraTech Cement and French company Lafarge to reduce its debt level as announced in June this year
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