Derive Investments has bought 20 lakh shares of India Cements through open market route. The shares were purchased on an average price of Rs 72.66 valuing the transaction to Rs 14.53 crore. On the other hand, Merrill Lynch Capital Markets ESPANA S.A has sold 15.41 lakh shares of the company for an average price of Rs 72.61 through open market route.
India Cements is largest manufacturer of cement in South India. India Cements owns 28% of the market share and is leader in south India. The cement manufacturer aims 35% market share. It has distribution network of over 10,000 stockists.