Star Cement sells 3% stake through open market transactions

Star Cement has sold a 3.34 per cent stake in the company worth INR1.82bn (US$28.5m), according to Money Control. The sale was made through open market transactions by three promoters of the company. The shares were disposed at average price of INR130 each.

SBI Mutual Fund also bought 15.3m shares, which translates to a 3.66 per cent stake of Star Cement. These shares were priced at INR129.9, making the total transaction worth INR1.99bn.