Samruddhi Cement lists at Rs579.75 on NSE

  • India Infoline News Service |
  • 29 Jun, 2010 |
  • 9:24 AM

Shares of Samruddhi Cement Ltd. listed at Rs579.75 on the NSE today post the restructuring of Grasim Industries. The stock touched a high of Rs590, and a low of Rs495 and was last traded at Rs514.50.

91.7m shares of Samruddhi Cement got listed today. Of these, the promoters will get 24mn shares and the balance allotted to Grasim shareholders. Therefore, there will be a tradable free float of 67.7mn Samruddhi shares, which would have a face value of Rs5 per share.

The stock will remain listed until the merger procedure with UltraTech is complete. Samruddhi Cement has a capacity of 25.7mt of cement per annum and 0.6mt of white cement. Grasim shareholders will receive one Samruddhi share for every Grasim share they hold.

Subject to the necessary court approval, Samruddhi Cement will be merged into UltraTech Cement in the ratio of 4:7 (i.e., Samruddhi shareholders will receive four UltraTech shares for every seven Samruddhi shares).

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