Mauritius-based FII trims India Cements shareholding. Details here | Stock Market News
Summary
Following the stake sale, the number of shares held by the institutional investor declined to 15.94 lakhs, representing a 0.51% stake in the company.As of the December quarter, foreign portfolio investors, including Elm Park Fund, held a 14.5% stake in India Cements, shows the shareholding pattern filed by the company. Morgan Stanley Asia, a prominent FII, held a 1.22% stake or 37,88,973 shares of India Cement.Meanwhile, domestic institutional investors (DIIs) held a 6.68% stake in the company at the end of Q3. UltraTech Cement, which is now the new promoter of India Cements, held a 55.49% stake.UltraTech acquired 32.72% of the equity share capital of the company on December 24, in accordance with Regulation 22(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011. Accordingly, the company has become a subsidiary of UltraTech, India Cements said in its Q3 earnings press release.The cement company posted a 18% year-on-year (YoY) decline in Q3 consolidated net sales to 940.81 crore from 1,144.46 crore in the same quarter last year. We advise investors to check with certified experts before making any investment decisions.