JSW Cement buys out Shiva Cement promoters' stake
JSW Cement has acquired the promoters' share in Odisha-based Shiva Cement and has also launched an open offer to acquire 32 per cent stake from public shareholders.
"The share purchase agreement has been executed with JSW Cement Ltd, for sale of shares held by the promoters of the company," Shiva Cement said in a BSE filing.
JSW Cement, together with Sun Investments Private Ltd and Reynold Traders Pvt Ltd, has made an open offer to the public equity shareholders of Shiva Cement to acquire up to 62,400,000 fully paid-up equity shares, constituting 32 per cent stake, for a total consideration of Rs 87.36 crore.
As per BSE data, as on September 30, 2016, the promoters of Shiva Cement held 37.15 per cent stake in the company while public shareholders held the balance 62.85 per cent.
After the announcement, shares of Shiva Cement were trading 3.98 per cent higher at Rs 13.60 apiece on the BSE.