Sunday, Mar 3 2024 | Time 05:30 Hrs(IST)
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Business Economy


India Cements inks pact with JSW, divests shareholdings in SMPL

Chennai, Oct 10 (UNI) Cements major India Cements Limited (ICL)
today entered into a Share Purchase Agreement with JSW Cement
Limited and divested the entire shareholdings held by it in Springway
Mining Private Limited (SMPL) for a total consideration of Rs 467.87
crores.
"Consequently, SMPL ceased to be the wholly owned subsidiary of
our Company", India Cements said in a disclosure to the BSE and
the NSE.
"This is to inform you that our Company has entered into a Share
Purchase Agreement on October 10 with JSW Cement Limited
(Buyer) and divested the entire shareholdings held by it in SMPL
for a total consideration of Rs.476.87 crores and consequently,
SMPL ceased to be the wholly owned subsidiary of our Company",
it said.
The disclosure was made as required under Regulation 30 read
with Part A of Schedule III of the SEBI (LODR) Regulations, 2015.
SMPL owns limestone bearing land at Pawai Tehsil, Panna district
and is in the process of setting up of a cement plant at Gaisabad
Tehsil, Damoh District in Madhya Pradesh.
Of the total consideration of Rs.476.87 crores, it has received
Rs.373.87 crores and upon completion of certain conditions of
the Share Purchase Agreement, the buyer will release the
balance amount of Rs.103 crores on or before December 31
this year.
UNI GV 1828
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