The India Cements group, which has over 90 per cent holding in Raasi Cement, has preferred to take away the cement business from Raasi leaving the other businesses like paper to the company. The present shareholders, including NKP Raju (son-in-law of BV Raju), will continue to retain a stake in the residual business of Raasi, while they would be paid Rs 300 per equity share by India Cements.

As per the scheme of arrangement between Raasi and the shareholders, the 90 per cent liabilities of Raasi belong to the cement division, and would be transferred to India Cements. Further, the transfer of the division in no way affects the conditions of the employees and their services will be with India Cements.