In a filing made to BSE on Tuesday, Ramco Cements reported that it has subscribed to the Rights Issue Offer of Lynks Logistics Limited. As per the filing, the company has acquired 4.81 Cr shares, priced at Rs 1 each, as of October 23, 2017.
Post the acquisition of shares, the total shareholding of Ramco Cements in Lynks Logistics Limited will amount to 10 Cr shares priced at Rs 1 each. This constitutes to 47.62% stake of the paid-up capital.
Lynks Logistics is promoted by the Ramco Cements Limited and other promoters of the Ramco Group of Companies.
The objective of Lynks Logistics Limited is to enter into the business of aggregators in the logistics field. It further aims to develop a web-based platform, which would provide a link between the transporters and the persons availing such transport service. The experience in logistics of The Ramco Cements Limited can be leveraged for the operation of this new venture and for mutual benefit.
The Ramco Cements Ltd is currently trading at Rs 706.4, up by Rs 7.85 or 1.12% from its previous closing of Rs 698.55 on the BSE.
The scrip opened at Rs 707 and has touched a high and low of Rs 709 and Rs 704.95 respectively. So far 55K shares were traded on the counter. The current market cap of the company is Rs 16456.22 crore.