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.