Anjani Portland Cement increases stake in Bhavya Cements to 91.5%
Anjani Portland Cement Ltd, a subsidiary of Chettinad Cement Corporation, said that it has increased its stake in Bhavya Cements Private Limited, a Hyderabad-based cement manufacturer, to 91.52%.
For this, the company has acquired an additional 2.38% stake in Bhavya Cements from its existing shareholders at a price of INR 52.59 per share.
Anjani Portland Cement stated that the objective of the transaction is to consolidate its stake further in the company. It follows the acquisition of a 6.64% stake earlier this month at the same price of INR 52.59 per share.
Anjani Portland Cement increases stake in Bhavya Cements to 91.5%. Photo courtesy of Ramon Venne from FreeImages.
Last month, Bhavya Cements became a subsidiary of Anjani Portland Cement after the latter acquired in it an 82.51% stake for a consideration of INR 607.18 crores.
Bhavya Cements was founded in 2007 by Venigalla Ananda Prasad. The company is engaged in manufacturing and marketing ordinary Portland cement, Portland cement for manufacture of railway sleepers, Portland Pozzalona cement, sulphate resisting Portland cement, and Portland blast furnace slag cement for use in coastal areas.