ACC has sold its shareholding in Shiva Cement to JSW Cements for Rs 386 million in an off-market transaction, according to a statement to the Bombay Stock Exchange (BSE). The acquisition had previously been announced in February.
ACC had held 12.13 per cent of Shiva Cement. With the acquisition, JSW now holds the entire promoter holding in Shiva Cement — some 35.6 per cent of the company. JSW has also launched an open offer to acquire another 32 per cent of the company’s publicly-listed shares.
JSW Cements is part of the $11 billion JSW Group, which also owns steel, energy and maritime infrastructure assets.