Sagar Cements today said its Board will meet on July 15 to consider the sale of company's stake in its joint venture with French firm Vicat.
The Hyderabad-based company did not divulge the name of the buyer of its stake in the JV, Vicat Sagar Cement Pvt Ltd, or the possible deal value.
Earlier, a media report had claimed Vicat had started talks with its JV partner to buy the 47 per cent stake it does not own in the venture. The report had said the proposed deal is likely to value the company at around Rs 4,100 crore.
"Sagar Cements Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 15, 2014 inter alia, to consider the sale of Company's investment in Company's joint venture, namely Vicat Sagar Cement Private Limited," it said in a filing.
The trading window for shares of the company will remain closed from July 5 to 16 (both days inclusive) in accordance with the code for prevention of insider trading adopted by it, it added.
Sagar Cement shares today settled at Rs 325.50 apiece, up 5 per cent over the previous close, on BSE.
The over three-decade old company, which has its manufacturing plant at Mattampally in Nalgonda district of Telangana, is a leading cement player in the state and also Andhra Pradesh.
