Chennai-based Chettinad Cement Corporation will obtain AP-based Anjani Portland Cement’s promoters’ & public’s holding.
As per to an overt offer document by Motilal Oswal Investment Advisers for Chettinad, the idea would be up to Rs 100 cr. This includes Rs 70 crore to obtain promoter’s stake of 61.62 % and Rs 29.52 cr to acquire public shareholders’.
Chettinad MD M A M R Muthiah did not respond. Anjani Portland Cement on Wednesday tells the BSE promoters were proposing to sell the shares to Chettinad.
The originator & the company are proposing to enter a share- buying contract with the acquirer. The draft was placed prior to the board.
Promoter & promoter group holding as of December 31 was 61.74 %. It has a debt of Rs 222 cr, as per to reports.
The company has an integrated cement plant at Nalgonda, Andhra Pradesh, with a capacity of 1.2 mn tonnes a year & limestone reserves, with sales network in Odisha & Andhra Pradesh.
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