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News Topical, Digital Desk : Cement company Sagar Cements Limited has revealed its plan to sell stake in its subsidiary company Andhra Cements Limited.
The company informed the stock exchange that it is going to sell 66,76,843 equity shares i.e. about 7.24% stake through Offer for Sale (OFS).
The company stated that the sale will be conducted through the stock exchange mechanism under the OFS process. The objective is to meet the minimum public shareholding requirement as per regulatory requirements.
Process may be completed by March 18
According to the company, this OFS process is expected to be completed by March 18, 2026. The sale of shares will be done as per the guidelines set by the stock exchange.
The company said that this deal will be done directly through the OFS mechanism of the stock exchange, hence no details about the buyers are available right now. Similarly, the amount received from the transaction will also be clear only after the OFS process is completed.
Not a related party transaction
Sagar Cements also clarified that this transaction does not fall under the purview of related party transaction. The company has given information in this regard to the stock exchange under SEBI's Listing Regulations (LODR).
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