India Cements to sell stake in select subsidiaries

The board of India Cements on Tuesday approved the sale of its entire stake in some of its subsidiaries.

In an exchange filing, the company said it will sell its entire equity investment in Coromandel Electric Company Ltd (CECL) to the Chennai-based Adam & Coal Resources Private Ltd for ₹36 crore. Upon completion of the said sale, CECL would cease to be a subsidiary of the company. Further, Coromandel Sugars, an associate company in which CECL holds 49.99 per cent of equity shares, would also cease to be an associate of the company.

Other subsidiaries

India Cements will also sell its entire equity investment in its subsidiary Coromandel Travels to Venbro Investments and Financial Services Pvt Ltd for ₹3.98 lakh. It will also sell its entire equity investment in Raasi Cement, an associate of the company, to Venbro for ₹10,000, says a communication to the stock exchanges.

India Cement’s board also noted that ICL Financial Services and ICL Securities, wholly-owned subsidiaries of the company, have approved sale of their entire equity investment in Raasi Cement. Upon completion of the sale, Raasi Cement will cease to be an associate of the company.

India Cements will sell its entire equity investment in Unique Receivables Management Pvt Ltd, an associate of the company, to Venbro for ₹2,500.

The shares of India Cements closed the trading day at ₹272.95 per share, up around 2.27 per cent