The company has entered into a share purchase agreement for acquiring the entire shareholding of Springway Mining, in a phased manner.
Shares of India Cements gained 2 percent in the early trade on Tuesday as company bought controlling stake in the Springway Mining.
The company has acquired the controlling stake of 51 percent in the paid-up equity share capital of Springway Mining, thereby Springway Mining has become subsidiary of the company.
It has entered into a share purchase agreement for acquiring the entire shareholding of Springway Mining, in a phased manner, with an objective of setting-up of a cement plant in the State of Madhya Pradesh.
At 09:34 hrs India Cements was quoting at Rs 96.50, down Rs 0.70, or 0.72 percent on the BSE.For more market news, click hereGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.