Business Update28 Jul 2024, 12:27 am
India Cements Ltd Subsidiaries Sell Entire Stake in Associate Company India Cements Capital Ltd
AI Summary
India Cements Ltd. announced that its wholly-owned subsidiaries, ICL Financial Services Limited and ICL Securities Limited, have sold their entire shareholdings in India Cements Capital Limited (ICCL) to another promoter entity, Sri Saradha Logistics Private Limited. The sale, which was an inter-se transfer among promoters, resulted in ICCL ceasing to be an Associate of India Cements Ltd. with effect from 27th July 2024.
Key Highlights
- India Cements Ltd. subsidiaries sell entire stake in Associate Company ICCL.
- Sale to another promoter entity, Sri Saradha Logistics Private Limited.
- Transfer of shareholdings in demat form on 27th July 2024.
- ICCL ceased to be an Associate of India Cements Ltd. with effect from 27th July 2024.
- Transaction was done at arm's length as per SEBI regulations.