Promoters increase stake in India Cements

(India)  —  Prince Holdings, belonging to the promoter group of India Cements, has informed the Bombay Stock Exchange that it had acquired 76 lakh equity shares of India Cements through market purchases.

On July 05, 2012 Aspdin Limited sold 8,136,669 shares of India Cements at Rs 86.01 on the BSE. However, M/s. Prince Holdings (Madras) Pvt Ltd bought 7,600,000 shares at Rs 86. The deal is valued at Rs 65 crore.

This has increased the stake of Prince Holdings by 2.47% to 8.30% from 5.83%. The total shareholding of the promoters after this acquisition has, thus, risen to 28.24% from 25.77%.

“Prince Holdings (Madras), belonging to the promoter group of India Cements has acquired 7.6 million equity shares representing 2.47% stake of the company at an average market price of Rs 86 per share via bulk deal,” India Cements said in a filing.

The other major shareholders of the promoter group are: EWS Finance and Investments (9 per cent), Anna Investments (4.24 per cent) and Vidya Subramanian (6.50 per cent).

India Cements is trading higher by 2.5% at Rs 88.25 after the transaction.
    
By: Rashmi Kalia (ARI-C NEWS)

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