In a filing to the BSE, Sagar Cements said IL&FS Financial Services acquired 30 lakh pledged shares, representing 17.25 per cent of total shareholding of the company, on August 24.
IL&FS Financial Services Ltd did not have any stake in the cement company prior to the acquisition.
Sagar Cements has a plant in Nalgonda district of Andhra Pradesh. The company manufactures various varieties of cement like Portland Pozzalona Cement and Sulphate Resistant Cement.
Shares of Sagar Cements closed up by 1.30 per cent at Rs 373.60 on the BSE today.
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