Star Cement drops stake sale plan, India

Star Cement drops stake sale plan, India
Published: 18 August 2011

Star Cement, a subsidiary of Kolkata-based Century Plywoods, has put its decision to sell 10-15 per cent on the backburner given the slowdown and depleting valuations.

"At the moment the exercise is off, given especially the fact just over the past few days the market has lost over 20 per cent in value. We do not think we will get an acceptable price at the moment," said Sajjan Bhajanka, managing director, Century Plyboards.

The deal size, inclusive of debt was being pegged at US$250m- $275m. Bhajanka said that the company had earlier engaged Morgan Stanley as advisers.