India Cements is trading higher by 2.5% at Rs 88.25 after the promoters of the company acquired over 2% stake through an open market transaction from the foreign investor, ASPDIN Limited. The deal is valued at Rs 65 crore.
“Prince Holdings (Madras), belonging to the promoter group of India Cements has acquired 7.6 million equity shares representing 2.47% stake of the company at an average market price of Rs 86 per share via bulk deal,” India Cements said in a filing.
The total shareholding of the promoters after this acquisition has, thus, risen to 28.24% from 25.77%. ASPDIN Limited, which held 8.5 million shares (or 2.75% stake) in the company, sold off 8.13 million shares of its holding through bulk deal.
The stock opened at Rs 87.80 and has seen around 200,000 shares change hands on the counter in the opening deals.
