Indian promoters of Prism cements buy out foreign stakes

Indian promoters of Prism cements buy out foreign stakes
Published: 30 November 2004

Indian promoters of Prism Cements have bought out the entire 8.38 per cent holding of foreign promoters F L Smidth & Co and IFU of Denmark in the company, taking their stake to over 61.7 per cent.  Manali Investments and Finance Pvt Ltd, part of the Indian promoter group, has acquired 12,500,000 shares or a 4.19 per cent stake from F L Smidth and 9,500,000 shares or 3.19 per cent stake from Industrialisation Fund for Developing Countries (IFU) through an inter-se transfer between promoters on November 25, the company informed the National Stock Exchange (NSE) on Monday.  Following this transaction, Manali Investment would hold a 13.19 per cent stake in the company, it said.