ICL BUYS 15.7% MORE RCL EQUITY FROM FIs
Article Abstract:
India Cements Ltd (ICL), which took a controlling stake in Raasi Cement Ltd (RCL) of Hyderabad on April 6, 1998, has acquired another 15.74 percent stake in RCL from different financial institutions (FIs). ICL has acquired 1,532,932 shares from the Unit Trust of India, 168,926 shares from the Industrial Development Bank of India, 18,900 shares from the General Insurance Corporation, 36,350 shares from the National Insurance Corporation, 14,600 shares from the New India Assurance, 15,050 shares from the Oriental Insurance, 14,800 shares from tshe United India Insurance, 542,183 shares from the Life Insurance Corporation and 223,360 shares from the IFCI, totalling 2,567,105 shares. ICL's total holding in RCL now has increased to 74.61 percent. (khr)
Comment:
Acquires another 15.74% stake in Raasi Cement from various financial institutions
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CEMENT SECTOR HEADING TOWARDS CONSOLIDATION
Article Abstract:
The cement industry in India is consolidating itself. The consolidation process may take 3 years. It is expected to result in the emergence of fewer companies with more capacity. Larsen & Toubro has already begun consolidation by acquiring Narmada Cements. Now, it has a capacity of 12 million tonnes. Larger companies have started buying smaller firms that are facing liquidity problems as the cement industry is highly capital intensive. Also, new cement plants have long gestation. Now, the cement industry in India has a total capacity of 105 million tonnes. Ten cement companies have about 64 percent of the total production capacity. (ag/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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HBC ANNOUNCES OPEN OFFER FOR SUVARNA CEMENTS
Article Abstract:
The Hyderabad Bottling Company (HBC) has announced an open offer to acquire a 20 percent stake at Rs12 share in the ailing Suvarna Cements after having already acquired a 46 percent stake in the company. Nagarjuna Finance has been appointed as the lead manager for the offer, which opens on May 10, 1999 and closes on June 9, 1999. HBC had acquired 2,664,345 shares in Suvarna Cements on March 18, 1999 and is now coming out with the offer to acquire a further 1,159,100 shares. Suvarna Cements earned a net profit of Rs30 lakh in 1997-98 but it has accumulated losses of Rs4.62 crore. (khr)
Comment:
The Hyderabad Bottling Company (HBC) has announced an open offer to acquire a 20 percent stake at Rs12 share in the ailing Suvarna Cements after having already acquired a 46 percent stake in the company.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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