India: JSW Cement takes 37% stake in Shiva Cement

JSW Cement has bought out the promoters of Odisha-based Shiva Cement, acquiring 37.15 per cent of the latter’s equity, the Economic Times reports.

"The share purchase agreement has been executed with JSW Cement Ltd, for sale of shares held by the promoters of the company," Shiva Cement said in a stock exchange filing.

JSW has also made an open offer to acquire a further 32 per cent of publicly held shares in Shiva – a majority stake.

Shree Cement had also been in the running to acquire a stake in Shiva.