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India Cements rallies 10% on reports RK Damani may buy controlling stake

India Cements rallies 10% on reports RK Damani may buy controlling stake

India Cements rallies 10% on reports RK Damani may buy controlling stake
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By Pranati Deva  Jun 17, 2020 1:30:18 PM IST (Published)

Radhakishan S Damani, who is the owner of supermarkets chain D-Mart, and his family has 19.89 percent shareholding in the company

Shares of India Cements rallied over 10 percent on Wednesday on reports that ace investor Radhakisan Damani is likely to buy a controlling stake in the company.

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Radhakisan S Damani, who is the owner of supermarkets chain D-Mart, and his family has 19.89 percent shareholding in the company as of March 2020 quarter, BSE shareholding pattern shows. Meanwhile, N Srinivasan and other promoters hold a 28.26 percent equity stake in the cement company.
The stock jumped as much as 10.5 percent to Rs 139.30 per share on BSE in intra-day deals. It has rallied around 77 percent so far in 2020.
As per the report, has informally reached out to N Srinivasan, to explore a takeover. Srinivasan is also exploring other investors to ward off any hostile bids, it added.
Damani first invested in the firm in September 2019 quarter, when he bought a 1.3 percent stake and then by December quarter, he held a 4.73 percent stake in the company. Then, in March 2020 quarter alone, he and his brother Gopikishan Shivkishan Damani bought a 15.16 percent stake, taking their total shareholding in the cement company to 19.89 percent.
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