Shree Cement rises on plan to acquire 1.50 MTPA cement grinding unit of Jaiprakash Associates unit

26 Aug 2014

Shree Cement is currently trading at Rs. 7948.10, up by 9.10 points or 0.11% from its previous closing of Rs. 7939.00 on the BSE.

The scrip opened at Rs. 8050.00 and has touched a high and low of Rs. 8084.30 and Rs. 7940.00 respectively. So far 187 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 8160.00 on 22-Aug-2014 and a 52 week low of Rs. 3412.65 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 8160.00 and Rs. 7586.00 respectively. The current market cap of the company is Rs. 27688.97 crore.

The promoters holding in the company stood at 64.79% while Institutions and Non-Institutions held 15.88% and 19.33% respectively.

Shree Cement has received an approval to acquire 1.50 MTPA cement grinding unit of Jaiprakash Associates situated at Panipat in the state of Haryana ongoing concern basis for consideration of approximately Rs 360 crore. The board of directors at its meeting held on August 25, 2014 has approved for the same.

The above is however subject to adjustment for any financial indebtedness and net working capital taken over as of the closing date and subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.

Shree Cement (SCL), belonging to B G Bangur - H M Bangur faction of Bangur family of Kolkata, is engaged in manufacturing of cement and power generation. SCL’s eight cement plants in Rajasthan and one grinding unit in Uttrakhand have an aggregate capacity of 13.5 mn tonnes p.a.

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