Platinum Investment Management has offloaded 1.124 million shares or 0.47% stake in Madras Cements in open market for a bit over Rs 17.24 crore.
Earlier, Platinum Investment had 8.585 million shares or 3.61% stake in the company. Following this, its holding in the company has come down to 3.14% stake.
As on December-end, Platinum Investment had 5.75% stake in the company, while promoters were holding 42.01% stake.
Madras Cements manufactures Portland cement through its four production facilities. It is the second largest producers in South India and the sixth largest in India. It has a total capacity of 8 million tonnes per annum. It also manufactures Ready Mix Concrete and Dry Mortar products. It operates one of the largest wind farms in the country with a capacity of 136 MW.