Chettinad increases holding in Anjani Portland Cement, India

Chettinad increases holding in Anjani Portland Cement, India

Chettinad Cement Corp has increased its holding in Anjani Portland Cement to 66.08 per cent by acquiring a 17.08 per cent share through an open offer.

In March, the company had entered into a share purchase agreement to acquire a 61.74 stake in Anjani Portland. Chettinad Cement has said that its agreement with promoters of Anjani Portland has a built-in flexibility to ensure that its holding is limited at 75 per cent, the maximum allowed for a firm to remain listed.

The move helps Chettinad Cement, which is already present in the markets of Tamil Nadu and Karnataka, enter Andhra Pradesh and Odisha.