India Cements denies reports Radhakishan Damani seeking control of company
In an exchange filing, India Cements said the report was factually incorrect.
By ETMarkets.com |
BCCL - Non Copyright
Mumbai: India Cements on Wednesday denied reports that Radhakishan Damani is considering a controlling stake in the company.
Earlier, Bloomberg reported citing unnamed sources that Damani, the Indian tycoon who built a fortune rolling out his supermarkets across the country, is considering acquiring a controlling stake in India Cements, according to people familiar with the matter.
Damani, the owner of Avenue Supermarts, has informally reached out to the cement manufacturer’s controlling shareholder, N Srinivasan, to explore a takeover, the report said.
In an exchange filing, India Cements said the report was factually incorrect.
Srinivasan, who controls about 29 per cent of the Chennai-based cement maker, is also exploring other investors to ward off any hostile bids, the report had said, adding Damani has promised a friendly change in management and isn’t seeking a hostile takeover.
“We reiterate that the company is in total compliance of all the disclosure requirements to the stock exchanges under Regulation 30 of the Sebi (LODR) Regulations, 2015 and wish to clarify that other than the disclosures already available in the stock exchanges, we have no other information / announcement (including impending announcement) to be made, which in our opinion may have a bearing on the price behaviour in the shares of our company,” the company said in a filing.
Earlier, Bloomberg reported citing unnamed sources that Damani, the Indian tycoon who built a fortune rolling out his supermarkets across the country, is considering acquiring a controlling stake in India Cements, according to people familiar with the matter.
Damani, the owner of Avenue Supermarts, has informally reached out to the cement manufacturer’s controlling shareholder, N Srinivasan, to explore a takeover, the report said.
In an exchange filing, India Cements said the report was factually incorrect.
Srinivasan, who controls about 29 per cent of the Chennai-based cement maker, is also exploring other investors to ward off any hostile bids, the report had said, adding Damani has promised a friendly change in management and isn’t seeking a hostile takeover.
“We reiterate that the company is in total compliance of all the disclosure requirements to the stock exchanges under Regulation 30 of the Sebi (LODR) Regulations, 2015 and wish to clarify that other than the disclosures already available in the stock exchanges, we have no other information / announcement (including impending announcement) to be made, which in our opinion may have a bearing on the price behaviour in the shares of our company,” the company said in a filing.
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