In India, shares in Udaipur Cement are up for sale. JK Lakshmi Cement, Florence Investech and JK Paper Limited are selling a 13.64% stake in the company, with the sale taking place on 4 December.
Udaipur Cement was previously listed as a ‘sick industrial company’ but recently applied to the Board for Industrial and Financial Reconstruction seeking exit from its purview, having achieved positive financial results in the year ending 31 March 2015. At the end of September, the company reported a net profit of Rs.1.56 crore for the quarter (2Q16), against a loss of Rs.1.50 crore in the September 2014 quarter (2Q15).