CRH's India unit to buy Sree Jayajothi cements from Shriram EPC

MUMBAI (Reuters) - Shriram EPC Ltd said it agreed to sell its stake in Sree Jayajothi Cements Ltd to My Home Industries Ltd, owned by Ireland's building materials provider CRH .

Shriram EPC said the deal valued Sree Jayajothi at 14 billion rupees and the company intends to use the proceeds to reduce debt, it said in a statement to the exchanges.

Indian investment bank Mape Advisory Group advised Shriram EPC in the transaction.

Shares in Shriram EPC rose more than 18 percent in early trade after sources told Reuters on Sunday that Shriram Group will sell its stake in Sree Jayajothi.

Shares in Shriram were up 9.4 percent at 47.70 rupees at 10.07 a.m.

 

($1 = 60.8650 rupees)

(Reporting by Indulal PM; Editing by Supriya Kurane)