In furtherance to the letter dated May 26, 2021, wherein the Company announced the proposed acquisition of controlling stake in the equity shares capital of Bhavya Cements (Investee Company) (The acquisition was to be completed within 15 days), Anjani Portland Cement has informed that pursuant to the Share Purchase Agreement entered with the Shareholders of the Investee Company on the 26th May, 2021, the company has today acquired 115455015 fully paid-up Equity Shares of face value Rs 10 each in the share capital of the Investee Company, representing 82.51% of the paid-up share capital of the Investee Company, at a price of Rs 52.59 Per share involving a total Sale Consideration of Rs 607.18 Crores. With this acquisition, Bhavya Cements has now become a subsidiary of Anjani Portland Cement.
The above information is a part of company’s filings submitted to BSE.
