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Chettinad Cement buy out of Anjani Portland Cements has been formalised.
As per a notification to the Bombay Stock Exchange (BSE), the promoters of the Hyderabad-based Anjani Portland Cements will be selling their stake in the company to Chennai-based Chettinad Cement Corporation Ltd.
At its meeting held on Wednesday, the Board of Anjani Portland approved the draft of the share-purchase agreement, the BSE was informed today.
The board had also authorised K V Vishnu Raju, Promoter & Chairman and Managing Director of the company to sign on the share-purchase agreement and all other documents pertaining to the transaction.
The deal, the details of which are not completely disclosed would result in an open offer as per the existing norms. As on December 2013, the promoters and promoter groups owned 61.74 per cent stake in the company. The debt on its books now stands at Rs 222 cr.
Last week, Anjani’s board had also approved the disinvestment of its 49 per cent stake in Vennar Cermaics Ltd and entire stake in Hitech Print Systems Ltd., making it a completely cement entity.
Anjani’s scrip lost 3.65 per cent on the BSE on Wednesday to end at Rs 55.45.
With a turnover of Rs 332 crore last year, Anjani Cements has over 1.2 million tonnes production capacity in its two plants in Nalgonda district of Andhra Pradesh. It also had plans for setting up a greenfield unit in Karnataka.
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