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Chettinad Cement to acquire majority stake
01 Apr 2014
1 Min Read
CW Team
Chettinad Cement Corporation has entered into a share purchase agreement to acquire up to 61.74 per cent stake in Anjani Portland Cement for Rs 70 crore. The deal has been struck at Rs 61.75 per share. It has also triggered an open offer as per SEBI takeover norms. Chettinad Cement has reportedly said that its agreement with promoters of Anjani Portland has a built-in flexibility to ensure that its holding is limited at 75 per cent, the maximum allowed for a firm to remain listed.
Chettinad Cement Corporation has entered into a share purchase agreement to acquire up to 61.74 per cent stake in Anjani Portland Cement for Rs 70 crore. The deal has been struck at Rs 61.75 per share. It has also triggered an open offer as per SEBI takeover norms. Chettinad Cement has reportedly said that its agreement with promoters of Anjani Portland has a built-in flexibility to ensure that its holding is limited at 75 per cent, the maximum allowed for a firm to remain listed.
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