India Cements completes acquisition of Springway at Rs182.89 crore; stock climbs ~3.5%

29 Jun 2022 , 12:47 PM

India Cements Limited informed that Springway Mining Private Limited (SMPL) became a subsidiary of the company. The company has completed the acquisition of the entire paid-up equity and preference share capital of SMPL.

SMPL is currently constructing a cement plant in Madhya Pradesh.

The entire share capital comprising of 10,000 equity shares of Rs10 each and 2,00,00,000 9% Non-convertible Cumulative Redeemable Preference Shares of Rs10 each are acquired in tranches constituting 100% of the paid-up equity and preference share capital of SMPL.

The company has paid total cash consideration of Rs182.89 crore for the acquisition of total stake in SMPL.

It completed the said acquisition on June 27, 2022.

Post this development, India Cements’ counter was trading 3.16% higher at Rs161.75 against its previous close of Rs156.80 on NSE. It touched intraday high and low of Rs163.70 and Rs154.04 respectively.