India Cements realigns group holding in Visaka

The India Cements group has realigned its equity holding in Visaka Cement in order to make it a subsidiary of the flagship India Cements Limited.

The move is meant to help India Cements Limited's plan to raise resources through a global depository receipts (GDR). Once Visaka Cement becomes a subsidiary, its financial statements would have to be disclosed along with the parent company's financial statements.

In a message sent to the stock exchanges today, India Cements said that its wholly-owned subsidiary, ICL Securities, would buy 0.2 per cent of Visaka's equity from a group company, Trishul Investments, at a price of Rs 10.25 a share. The size of the deal would be Rs 41 lakh.