Sagar Cements Sells 7.24% Stake in Andhra Cements to Achieve Minimum Public Shareholding

Sagar Cements Limited, a promoter of Andhra Cements Limited, has sold 66,76,843 equity shares of Andhra Cements having a face value of 10/- each. This sale represents 7.24% of the total issued and paid-up equity share capital of the company and was conducted through a stock exchange mechanism in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated February 3, 2023. The purpose of this sale was to achieve the Minimum Public Shareholding requirements as stipulated under rules 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules 1957, read with Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. With this sale, the shareholding of the Promoter in the Company has reduced from 82.24% to 75% of the paid-up equity share capital of the Company and the shareholding of public has increased to 25%, thereby achieving the Minimum Public Shareholding requirements.