Sagar Cements, promoter of Andhra Cements, proposes to divest part of their shareholding in the company. It will divest upto 5% of the total paid up equity share capital of the company aggregating to 46,08,607 equity shares, both the companies informed in separate BSE filings.
The aggregate promoter shareholding as on February 26, 2024 is 95% of the total paid-up equity share capital of Andhra Cements. Post completion of the aforesaid sale, the aggregate promoter shareholding in the company would be reduced to 90% of the total paid-up equity share capital of the company.
“Sagar Cements Limited, promoter of the company has conveyed to us its intention to sell the equity shares to enable us to comply with the requirements of minimum public shareholding,” Andhra Cements informed in the regulatory filing.
The divestment will begin from February 27, 2024 onwards till February 28, 2024 or the actual date of completion of sale of all equity shares, in a single or multiple trenches.