South India’s largest cement maker by volume, The India Cements on Wednesday dismissed a news report that said it was a target of a takeover bid by billionaire retailer Damanis.
In a filing with stock exchanges, the company said that a Bloomberg news report which said that Radhakrishnan Damani of DMart was mulling a take over of India Cements as ‘factually incorrect’. The stock price of the company rose nearly 5% at the BSE to close at Rs 132.1, in a flat Mumbai market.
In an earlier filing with the stock exchanges the cement maker said that the Damanis through different entities controlled 19.89% of equity of the company. The Damanis now have become the second largest shareholders in the company after the promoters whose holdings stand at 28.26% as per regulatory filings. Institutional investors, including mutual funds sold their stakes in the company during the Jan-March quarter and now stands at 2.7% while that of foreign portfolio investors stood at 12.85%.
