Wednesday, June 17, 2020
Shares of India Cements rallied over 10.6 per cent to Rs 139.30 apiece in early trade on Wednesday nearing its 52-week high of Rs 140, touched on May 26, 2020, after reports that ace investor Radhakishan Damani is considering acquiring a controlling stake in India Cements Ltd. The stock has rallied 74 per cent from its March lows and gained 95 per cent so far in 2020. Damani, the owner of Avenue Supermarts Ltd., has informally reached out to the cement manufacturer’s controlling shareholder, N. Srinivasan, to explore a takeover.N Srinivasan and other promoters held 28.26 % equity stake in the cement maker, while Radhakishan S Damani family has 19.89 per cent shareholding in the company as of March 2020. Radhakishan S Damani held 4.73 per cent in India Cements as of December 2019, which has gone up to 10.29 per cent, while his brother Gopikishan Shivkishan Damani owned 8.26 per cent on March 31, 2020. Company will announce its results for the year ended March 31 20, on June 24th.
