South-based India Cements is going to increase its stake in IndoZinc, the company where it has 69% stake. But the total stake will not exceed 90%, the company management said.
IndoZinc has notified the exchanges that it will issue further equity or preference shares or other equity related securities for a sum not exceeding Rs300 crore.
Indo Zinc also said it’s changing its name to Trinetra Cement.
At an analyst call last week, the India Cements management said discussions are on with merchant bankers on how to increase the stake.