look news india
India Cements CEO resigns: India Cements Chief Executive Officer and Managing Director N. Srinivasan and other board members have resigned with immediate effect. The CEO of India Cements resigned on December 25 following the acquisition of 32 per cent stake by UltraTech Cement.
This month, the Aditya Birla Group-owned cement company completed the acquisition of 10.13 crore equity shares of India Cements. With this, India Cement has become a subsidiary of UltraTech Cement with 32.72 percent stake.
India Cements said in a regulatory filing that following the completion of the acquisition process by UltraTech, N. Srinivasan has resigned. Srinivasan’s daughter Roopa Gurunath, wife Chitra Srinivasan and VM Mohan also resigned from the board. India Cement also said in its exchange filing on Wednesday, “Following the completion of the transaction on December 24, 2024, UltraTech Cement has acquired full control of the company and has become the promoter of the company as per LODR norms.”
UltraTech Cement has acquired up to 26 percent stake in India Cements through an open offer. On July 28, UltraTech received a sum of Rs.100 crore from its promoters and its associates. Acquired 32.71 percent stake for Rs 3954 crore. Open Offer Deal Rs. Work worth Rs 3142.35 crore completed. Apart from this, Damani Group’s stake in India Cement is worth Rs. Purchase worth Rs 1900 crores.
