Sanmar sells another 2.52% stake in India Cements

The Sanmar Group sold another 2.52 per cent of its holding in India Cements through the secondary market on September 19, thereby bringing down its equity stake in the company to 10.74 per cent.

Last week, the Sanmar Group sold 11.91 per cent of its holding in the company to the co-promoter N Srinivasan. The deal took place for a total value of about Rs 192 crore.

Following the sale on September 19, the Sanmar roup has totally sold 14.43 per cent of its holding in India Cements in the last few days.

Sanmar Group chairman N Sankar had earlier said that the stake sale in India Cements was meant to raise resources for the group's other ventures such as chemicals and shipping.