Chettinad Cement Corporation Limited entered into an share purchase agreement to acquire 61.82% stake in Anjani Portland Cement Limited from Vanitha Finance & Investments Pvt. Ltd and other shareholders for approximately INR 700 million
As on April 26, 2014, Chettinad Cement Corporation Limited filed a draft offer letter to the shareholders of Anjani Portland Cement Limited (BSE:518091). As per the terms of the agreement, Chettinad Cement intends to acquire a maximum of 75% stake in Anjani Portland Cement Limited either by agreement or by offer. The minimum sale shares to be purchased by agreement shall be 9.01 million aggregating to 49% stake and if the offer satisfies for 26% stake, Chettinad Cement will hold 75% stake in total. As on May 15, 2014, Chettinad acquired 3.78 million shares in the transaction from Vanitha Datla, P V R L Narasimha Raju, K Ramavathy, K S N Raju, K Aditya Vissam, P Lakshmi, P S Naveen, P Satyanarayana Raju and P Suryakantamma and Vanitha Finance & Investments. Rupesh Khant of Motilal Oswal Investment Advisors Private Limited acted as the financial advisor and Raksha Kothari and Gaurav Mistry of DSK Legal acted as the legal advisor for Chettinad Cement Corporation.