Vice Chairman and MD of the Chennai-based India Cements, N Srinivasan has increased his stake in the company to 0.14% from 0.05% by shelling out INR18.9m (US$0.424m).
Srinivasan has bought 280,000 shares in the company on 24 June via open market purchase. Along with his family members, he owns 25.18% in India Cements as of March 2011, which now increases to 25.32% with the current purchase, as per disclosures to the stock exchanges.
The stake increase comes at a time that the India Cements stock has been under pressure, along with other south Indian cement makers, on deteriorating fundamentals and sluggish demand in south with the industry suffering from excess capacity. Shares of India Cements have fallen 34% so far this year, when compared to an 8.11% fall in the Sensex. India Cements shares closed up 0.57% to INR71 on Thursday.