Shiva Cement climbs 3% after promoters plan to exit

India Infoline News Service | Mumbai | January 11, 2017 16:39 IST

The promoters will sell the stake at Rs 14 per share aggregating to Rs 97.24 crore. As the promoters are exiting, JSW Cement has made an open offer to public shareholders to acquire 62,40,0000 equity shares for Rs 14 aggregating to Rs 87.36 crore.

Shiva Cement Ltd  ended at Rs 13.52, up by Rs 0.44 or 3.36% from its previous closing of Rs 13.08 on the BSE after the promoters decide to sell their entire holding to JSW Cement.

The promoters will sell the stake at Rs 14 per share aggregating to Rs 97.24 crore. As the promoters are exiting, JSW Cement has made an open offer to public shareholders to acquire 62,40,0000 equity shares for Rs 14 aggregating to Rs 87.36 crore. This constitutes 32 percent of the total share capital of Shiva Cement.

The Odisha-based company has annual production capacity of 1.32 lakh tonne with plans to expand to 2.6 million tonne in phases.

The scrip opened at Rs 13.73 and has touched a high and low of Rs 13.73 and Rs 13.45 respectively. So far 2766724 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 244.6 crore.

The BSE group 'XC' stock of face value Rs 2 has touched a 52 week high of Rs 13.15 on 10-Jan-2017 and a 52 week low of Rs 4.15 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs 13.15 and Rs 11.75 respectively.

The promoters holding in the company stood at 37.15 % while Institutions and Non-Institutions held 0.11 % and 62.74 % respectively.

The stock is currently trading above its 50 DMA.

***Note: This is a BSE Chart

 

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