Anjani Portland Cement Limited to acquire Bhavya Cements Pvt Ltd

Anjani Portland Cement Limited has entered into a Share Purchase Agreement with Bhavya Cements Private Limited ("Investee Company") and its Promoters, for acquisition of controlling stake in the equity shares capital of the Investee Company at a Provisional Price of Rs. 51.53/- per share, subject to fulfilment of conditions precedent.

Bhavya Cements Private Limited was established in 2007 with an object to manufacture and market Ordinary Portland Cement, Portland Cement for manufacture of Railway Sleepers, Portland Pozzalona Cement, Sulphate resisting portland cement, and Portland Blast Furnace Slag Cement for use in coastal areas. The company reported turnover of Rs. 303.90 crores in FY2019-20.

The objective of acquisition is to improve the market presence of the company with addition of a new brand. The acquisition would increase the cement manufacturing capacity under the control of the company substantially.

Shares of ANJANI PORTLAND CEMENT LTD. was last trading in BSE at Rs.304.85 as compared to the previous close of Rs. 298.3. The total number of shares traded during the day was 97776 in over 3342 trades.

The stock hit an intraday high of Rs. 311 and intraday low of 294.8. The net turnover during the day was Rs. 29563487.

Source : Equity Bulls

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