Chettinad Cement acquires 20.58% stake in Anjani Portland Cement

Chettinad Cement has acquired 20.58 per cent stake in Anjani Portland Cement from its promoter KV Vishnu Raju. The acquisition was done in an off-market transaction and 37,84,014 shares were acquired by the Chennai-based Chettinad at Rs 61.75 a share on Tuesday. Post the transaction, shareholding of Chettinad had gone up from 20.58% to 41.16%. It may be recalled that on May 15 Chettinad made an open offer to acquire over 47.81 lakh shares of the Hyderabad-based company at Rs 61.75 an equity share. Chettinad Cement Corporation is engaged in production of cement, fused silca, silica and purity quartz grits. The manufacturing unit of the company is located at Puliyur, Karur an Industrially backward area in Tamil Nadu that commenced production in April 1968.