InvestorQ : Is it true that Radhakishan Damani of D-Mart is taking control of India Cements?
Arya Nanda made post

Is it true that Radhakishan Damani of D-Mart is taking control of India Cements?

Answer
user profile image
3 months ago


It is officially declared false now. The company has clarified by releasing the report of Radhakishan Damani buying a controlling stake in India Cements is "factually incorrect". Stocks of India Cements advanced by 2% today on June 18.

However, yesterday share price saw a sudden rally of 11% after a media report showed signal towards Damani, the owner of the supermarket chain D-Mart is planning to buy a controlling stake in the company.


user profile image
Deepa Salunkhe answered.
3 months ago


Radhakishan Damani may be close to acquiring controlling stake in India Cements as per media reports. It is also reported that Damani has reached out to Srinivasan, the owner of 29% stake in India Cements, to pick up a controlling stake. Srinivasan may also be looking at other white knights to rescue his company from a hostile takeover. Damani and his family have already acquired 20% of the company and the stock has nearly doubled since January 2020, despite the pandemic fears. India Cements needs deep pockets to support its expansion so as to take on giants like Ultratech. India Cements has 10 factories across the states of Tamil Nadu and Andhra Pradesh. If this happens, it could be the second big cement deal of the year after Nirma bought Emami Cement business for Rs.5500 crore.