Exchanges have sought clarification from India Cements over an Economic Times report quoting "Billionaire Radhakishan Damani considers taking control of India Cements".
India Cements reply is awaited.
According to the report, Damani has informally reached out to the cement manufacturer’s controlling shareholder, N. Srinivasan, to explore a takeover.
Srinivasan currently holds about 29% stake in India Cements.
The report further points out that, Srinivasan is also exploring other investors to ward off any hostile bids. However, it added that Damani has promised a friendly change in management and isn’t seeking a hostile takeover. No decision has been made on how Damani and Srinivasan will proceed.
In the second half of the day's trading session, India Cements stock was performing at Rs132.30 per piece, up by 5% on Sensex at around 2.55 pm.
While investors showed a positive response in the cement company, negative sentiments were witnessed in the Avenue Supermarts stock over the buzz.
At the same time, the D-Mart parent stock was trading at Rs2353 per piece, down by 2% on Sensex.