Emami sells cement biz to Nirma. What it means for the stock and sector?

In December last year, Emami Cement had filed for its IPO with market regulator Securities and Exchange Board of India (Sebi) to issue fresh equity shares worth Rs 500 crore

Shares of Emami Ltd gained 2.6 per cent to Rs 311.1 on the BSE on Friday after the company announced its decision to sell its entire stake in group company -- Emami Cement. The Kolkata-based diversified conglomerate announced on Thursday that it had entered into a binding agreement with Nuvoco Vistas Corp, part of the Nirma group, for divesting its 100 per cent equity stake in Emami Cement for an enterprise value of Rs 5,500 crore. 

At 10:47 am, Emami was trading little changed at Rs 302.35 on the BSE, as against a 0.27 per cent decline in the benchmark