Damanis up stake in India Cements to 12%

By: |
February 27, 2020 4:50 AM

The Damani's acquired 2.25 crore shares, aggregating to 7.27%, through an open market purchase through bulk deal on BSE and NSE on February 25 and 26.

damanis, india cementIndia Cement’s scrip climbed 19.95% from the previous close of Rs 87.20 and closed at Rs 104.60 on the BSE on Wednesday.

Radhakishan S Damani, Gopikishan S Damani and Shrikantadevi R Damani, along with their investment firm Derive Investments, have picked up a further 7.27% stake in Chennai-headquartered India Cements, upping their shareholding in the company to 11.98%. Reacting to the development, the India Cement’s scrip climbed 19.95% from the previous close of Rs 87.20 and closed at Rs 104.60 on the BSE on Wednesday.

The Damani’s acquired 2.25 crore shares, aggregating to 7.27%, through an open market purchase through bulk deal on BSE and NSE on February 25 and 26. They had 4.71% stake in India Cements, prior to the fresh stake buy, said a disclosure filed by the South-based cement company.

According to the block deal list of National Stock Exchange, Radhakishan Damani, the founder of Avenue Supermarts, and Gopikishan Damani together on Wednesday bought 1.1 crore shares in India Cements. A BSE filing said that the total purchase of 2.25 crore equity shares were purchased by Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments where the first two are partners. Damani family was ranked as second after Mukesh Ambani in the Forbes Real-Time Billionaires List with a realtime net worth of $17.3 billion.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India becomes net importer of steel in January
2RBI to conduct simultaneous sale-purchase of govt securities next month
3Right to silence is virtue in present noisy times: Facebook VP tells Supreme Court