Zuari Cement, the 50:50 joint venture between Ciments Francais and the KK Birla-controlled Zuari Industries, is acquiring the entire stake held by the Chennai-based cement major India Cements in Sree Vishnu Cement Ltd for Rs 385 crore.
Earlier in the day, India Cements had announced that it was hawking over 39 per cent of its equity in Sree Vishnu Cements and that the decision to sell the equity was taken at a board meeting held yesterday. ICL Securities, a subsidiary of India Cements, holds another 55.2 per cent stake in Sree Vishnu Cements.
But in a late night press release, Lazard India, which acted as the advisor to Zuari Cements, said that Zuari Cement had bought the entire India Cements stake. Ashish Guha, managing director of Lazard India, said:
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