New Delhi: JSW Cement has acquired promoters' share in Odisha-based Shiva Cement and has also launched an open offer to acquire a 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 filing to the part of the $11-billion JSW Group.
Besides, JSW Cement, which is a part of the $11-billion JSW Group, together with Sun Investments Private Ltd and 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 total consideration of Rs 87.36 crore, the filing noted.
As per BSE data, as on September 30 2016, promoters of Shiva Cement held a 37.15 per cent stake while public shareholders held the balance 62.85 per cent.
Earlier, Shree Cement and JSW Cement were said to be in the fray to acquire Shiva Cement. However, the latter had denied having any such plans.
At 11:54 a.m., shares in Shiva Cement were trading 3.36 per cent higher at Rs 13.52 apiece on the BSE, whose benchmark Sensex index was up 0.53 per cent.
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