Sagar Cements Ltd sells 46,08,607 equity shares of Andhra Cements Ltd

Sagar Cements Limited, being the Promoter of Andhra Cements Limited (the "Company"), has sold 46,08,607 equity shares of the Company having face value of Rs. 10/- each (representing 5% of the total issued and paid-up equity share capital of the Company) on February 27 and February 28, 2024 by way of Offer for sale of shares through stock exchange mechanism in accordance with SEBI Circular No. SEBI/HO/ CFD/PoD2/ P/CIR /2023/18 dated February 3, 2023 to achieve the Minimum Public Shareholding requirements.

With the aforementioned sale, the shareholding of the Promoter, i.e., Sagar Cements Limited in the Company has reduced from 95% to 90% of the paid-up equity share capital of the Company.

Accordingly, the Company has achieved the Minimum Public Shareholding requirements of 10% within one year from the date of fall of Public Shareholding to 5%, as mandated under rules 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules 1957, read with Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Source : Equity Bulls

Keywords

SagarCements AndhraCements StakeSale MPS