Ramco Industries jumps over 6% as 14 million shares exchange hands in two block deals

So far this year, shares of Ramco Industries have surged 10 percent

Shares of Ramco Industries surged over 6 percent to Rs 247 per share on October 29 after 14.1 million shares, representing 16.2 percent of the company’s equity, changed hands in two large block deals, according to Bloomberg data.

In an exchange filing, Ramco Cements disclosed that its board approved the disinvestment of 1.4 crore shares (approximately 14 million shares) of Ramco Industries to Rajapalayam Mills and Ramco Management—all of whom, including Ramco Cements, serve as promoters of Ramco Industries.

“The transaction will be conducted as an inter-se promoter transfer between the company, Ramco Management, and Rajapalayam Mills. Post-completion, there will be no change in the management or control of the company," the company clarified, emphasising that this stake realignment will not affect operations.

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Ramco Industries is a leading manufacturer of building materials, including fibre-cement sheets, calcium silicate boards, and other durable construction products. The company also operates in the textile-yarn segment, contributing to its diversified portfolio.

So far this year, shares of Ramco Industries have surged 10 percent, as compared to 12 percent rise in the benchmark Nifty 50 index.

In the latest September quarter, foreign institutional investors (FIIs) marginally reduced their stake to 0.96 percent, down from 0.98 percent in the previous quarter. Meanwhile, mutual fund holdings remained steady at 2.63 percent.