Moneycontrol
Last Updated : Dec 04, 2018 09:35 AM IST | Source: Moneycontrol.com

India Cements gains 2% on acquiring controlling stake in Springway Mining

The company has entered into a share purchase agreement for acquiring the entire shareholding of Springway Mining, in a phased manner.

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Representative image

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.

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First Published on Dec 4, 2018 09:35 am
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