Chettinad Cement Corporation Ltd has purchased approximately 20.58% of shares of Anjani Portland Cement Ltd from shareholders, according to a filing released by the latter. Chettinad Cement has reportedly acquired 3784.014 shares through off market purchase for a price of Rs.61.75 per share.
The acquisition of Anjani Portland Cement by Chettinad Cement was announced in March 2014. Chettinad Cement, based in Chennai, India, announced its plans to acquire Anjani Portland Cement, based in Andhra Pradesh, in March 2014. The purchase forms part of the company’s strategy to increase its presence in the Andhra Pradesh market.
Anjani Portland operates two plants in the Nalgonda district, Andhra Pradesh, with a production capacity of 1.2 million tpa, and plans are also in place for the construction of a greenfield unit in Karnataka. The company reported a 16.86% y/y fall in net sales in the quarter ended 31 March 2014. Sales totalled Rs.73.03 crore, compared to Rs.87.84 in the same quarter a year earlier. A net loss of Rs.14.11 crore was recorded during the reporting period, compared to Rs.0.15 crore in the corresponding quarter in 2013.
Edited from various sources by Rosalie Starling
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