Jaypee Group hikes stake holding in Andhra Cements to 68.79%

Jaypee Group hikes stake holding in Andhra Cements to 68.79%

Hike in Jaypee Group stake to 68.79% Jaypee Development Corporation(JDC), part of the Jaypee Group has increased its stakeholding in Andhra Cements Limited to 68.79 per cent. It acquired 8.82% stake from the promoters of the small cement firm in an off market transfer of shares, as agreed in the share subscription and share purchase agreement signed in 2011, according to a stock market disclosure. Andhra Cements' scrip shot up 20 per cent to hit the upper circuit of the day at Rs 7.20 per share on the Bombay Stock Exchange from its previous close amid strong Mumbai market.
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