Dalmia Cement (Bharat) Limited has divested 2.18 crore equity shares (2,17,59,948 shares) of Indian Energy Exchange Limited (IEX), constituting 2.44% of IEX's total equity, through open market transactions. The sales occurred between June 3, 2025, and June 10, 2025, reducing Dalmia Cement's holding in the energy exchange platform to 10.81%. The disclosure regarding this sale was made to the stock exchanges on June 11, 2025, in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
| Particulars | Details |
|---|---|
| Seller | Dalmia Cement (Bharat) Limited |
| Persons Acting in Concert (PACs) with Seller | DPVL Ventures LLP, Dalmia Power Limited |
| Target Company (TC) | Indian Energy Exchange Limited (IEX) |
| Shares Sold (Number) | 2,17,59,948 |
| Shares Sold (% of TC's Capital) | 2.44% |
| Holding Before Sale (Number of Shares) | 11,81,26,656 |
| Holding Before Sale (% of TC's Capital) | 13.25% |
| Holding After Sale (Number of Shares) | 9,63,66,708 |
| Holding After Sale (% of TC's Capital) | 10.81% |
| Period of Sale | June 3, 2025, to June 10, 2025 |
| Mode of Sale | Open Market Sale |
| Stock Exchanges (TC Listing) | National Stock Exchange of India Limited (NSE), BSE Limited (BSE) |
| Seller belongs to Promoter/Promoter Group of TC | No |
Detailed Analysis of the Transaction
Transaction OverviewDalmia Cement (Bharat) Limited, a diversified conglomerate with interests in cement, sugar, refractories, and power, has executed a notable sale of its shareholding in Indian Energy Exchange Limited. The company offloaded a total of 2,17,59,948 equity shares. This volume of shares represents 2.44% of the total share capital and voting rights of IEX. The transactions were conducted on the open market, signifying sales executed through the standard trading platforms of the stock exchanges where IEX shares are listed – namely, the National Stock Exchange of India Limited (NSE) and BSE Limited. The sale period extended over six trading days, from June 3, 2025, to June 10, 2025. Such a phased disposal is a common strategy for large stake sales, aiming to minimize abrupt price volatility.
Impact on Shareholding Structure
Prior to this series of sales, Dalmia Cement (Bharat) Limited held a significant stake of 11,81,26,656 equity shares in IEX. This holding corresponded to 13.25% of IEX's total share/voting capital and also 13.25% of its diluted share/voting capital. Following the divestment of 2,17,59,948 shares, Dalmia Cement's holding in IEX has been reduced to 9,63,66,708 equity shares. Consequently, its stake in IEX now stands at 10.81% of both the total share/voting capital and the diluted share/voting capital. This reflects a decrease of 2.44 percentage points in its ownership of the energy exchange. The disclosure explicitly states that Dalmia Cement (Bharat) Limited is not part of the Promoter or Promoter group of Indian Energy Exchange Limited.
Persons Acting in Concert (PACs)
The regulatory filing also identifies DPVL Ventures LLP and Dalmia Power Limited as Persons Acting in Concert (PACs) with the seller, Dalmia Cement (Bharat) Limited. According to SEBI regulations, the shareholdings and transactions of PACs are typically aggregated with those of the primary entity for disclosure thresholds and compliance purposes. However, the submitted form indicated 'NA' for the specific pre-disposal shareholdings of DPVL Ventures LLP and Dalmia Power Limited in IEX. This suggests that the 11,81,26,656 shares were primarily held directly by Dalmia Cement (Bharat) Limited before this transaction. The post-transaction individual holdings of these PACs were not separately detailed, implying that the consolidated holding of the seller group is now reflected in Dalmia Cement's reduced stake of 10.81%.
Regulatory Compliance and Disclosure
This stake sale was formally reported under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, commonly known as the SAST Regulations or the Takeover Code. Regulation 29(2) mandates that any person, along with PACs, holding shares or voting rights of 5% or more in a target company must disclose any change in such holding if it varies by 2% or more of the target company's total shareholding or voting rights. Dalmia Cement's sale of a 2.44% stake in IEX surpassed this 2% threshold, thereby necessitating the disclosure. Such regulatory disclosures are vital for maintaining transparency in the market, ensuring that all investors are informed about significant shifts in the shareholding patterns of listed entities. The intimation was duly filed with the NSE, BSE, and Indian Energy Exchange Limited on June 11, 2025.
Indian Energy Exchange's Capital Structure Unchanged
The disclosure document confirms that the total equity share capital of Indian Energy Exchange Limited, both before and after this secondary market transaction, remains constant at ₹89,16,92,735. This capital is divided into 89,16,92,735 equity shares, each having a face value of Re. 1. Similarly, the total diluted share/voting capital of IEX also stands at ₹89,16,92,735, indicating no outstanding convertible securities or warrants that would alter the share count upon conversion, as per the details in this specific filing. Secondary market sales involve the transfer of existing shares between different investors and do not affect the issued capital of the company whose shares are being traded.
Additional Context
About the Seller: Dalmia Cement (Bharat) LimitedDalmia Cement (Bharat) Limited, part of the Dalmia Bharat Group, is a significant entity in India's industrial landscape. While primarily known for its extensive operations in cement manufacturing, the company also has diversified interests in sugar, refractories, and power, as highlighted on its official communications. This sale of shares in IEX likely represents a strategic portfolio adjustment or capital reallocation by the company. Dalmia Cement (Bharat) Limited has its registered office in Dalmiapuram, Tamil Nadu, and its corporate office in New Delhi.
About the Target Company: Indian Energy Exchange Limited (IEX)
Indian Energy Exchange Limited (IEX) is India's leading energy exchange, offering a national automated platform for the trading of electricity, renewable energy certificates (RECs), and energy-saving certificates (ESCerts). The exchange plays a crucial role in facilitating efficient price discovery and enhancing the accessibility and transparency of India's power market.
Potential Market Impact
The divestment of a considerable stake by an institutional shareholder such as Dalmia Cement can elicit varied responses from the market. While the specific motivations behind Dalmia Cement's decision to reduce its holding in IEX are not detailed in the disclosure, such actions are often components of broader financial strategies, including profit realization, portfolio rebalancing, or a reassessment of investment priorities. Market participants and analysts will likely monitor IEX's stock performance closely in the wake of this announcement. A reduction in stake by a major investor can sometimes increase the free float and liquidity of the stock in the market. Conversely, it might also lead to speculation about the investor's future outlook on the company, potentially influencing short-term price dynamics. It is noteworthy that Dalmia Cement continues to hold a substantial 10.81% stake in IEX, remaining a significant shareholder. The ultimate market impact will also be influenced by the identity of the buyers of these shares, though this information is not typically available from disclosures of open market sales.
