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Chennai-based Chettinad Cement Corporation will acquire Andhra Pradesh-based Anjani Portland Cement's promoters' and public's holding.
According to an open offer document by Motilal Oswal Investment Advisors for Chettinad, the consideration would be up to Rs 100 crore. This includes Rs 70 crore to acquire promoters stake of 61.62 per cent and Rs 29.52 crore to acquire public shareholders'.
Chettinad Managing Director M A M R Muthiah did not reply. Anjani Portland Cement on Wednesday told the BSE promoters were proposing to sell the shares to Chettinad.
The promoters and the company are proposing to enter a share-purchase agreement with the acquirer. The draft was placed before the board.
Promoter and promoter group holding as of December 31 was 61.74 per cent. It has a debt of Rs 222 crore, according to reports.
The company has an integrated cement plant at Nalgonda, Andhra Pradesh, with a capacity of 1.2 million tonnes a year and limestone reserves, with sales network in Andhra Pradesh and Odisha.
