India Cements to sell Springway Mining to JSW Cement; stock slips 6%

India Cements has sold its Madhya Pradesh limestone mine, and land to Sajjan Jindal-owned JSW Cement for Rs 477 crore

Shares of India Cements slipped 6 per cent to Rs 258 on the BSE in Tuesday's intra-day trade on profit booking, after the company said it has sold its Madhya Pradesh limestone mine, and land for Rs 477 crore to Sajjan Jindal-owned JSW Cement.

India Cements, in an exchange filing, said it has entered into a share purchase agreement with JSW Cement, and has divested the entire shareholding held by it in Springway Mining Private Limited (SMPL) for Rs 476.87 crore. With this, SMPL is ceased to be the wholly owned subsidiary of the company.

SMPL owns limestone