Promoters of Chettinad Cement hike stake further

In Chennai, promoters of Chettinad Cement Corporation have increased their stake in the firm by 6.04 per cent to take it to 94.48 per cent. The company's promoters had 88.44 per cent stake prior to the fresh acquisition of shares done through a de-listing offer, the company said in a stock exchange filing on April 9.

Following the transaction, held on March 27, promoters of the Chennai-based firm have 94.48 per cent stake or 3,60,89,279 shares in the company. In a separate filing, Chettinad Cement Corporation said those new shares (23,06,702) were acquired by Chettinad Holdings for Rs 166.08 crore at Rs 720 apiece.

The company said Chettinad Holdings had no stake in the company before the transaction.