Chettinad increases holding in Anjani Portland Cement, India

Chettinad Cement Corp has increased its holding in Anjani Portland Cement to 66.08 per cent by acquiring a 17.08 per cent share through an open offer.

In March, the company had entered into a share purchase agreement to acquire a 61.74 stake in Anjani Portland. Chettinad Cement has said that its agreement with promoters of Anjani Portland has a built-in flexibility to ensure that its holding is limited at 75 per cent, the maximum allowed for a firm to remain listed.

The move helps Chettinad Cement, which is already present in the markets of Tamil Nadu and Karnataka, enter Andhra Pradesh and Odisha.