Business Update11 Nov 2024, 08:19 pm
Ramco Industries to Acquire Shares of Ramco Cements for Rs.160 Crores and Secure Credit Facilities
AI Summary
Ramco Industries Ltd. announced the outcome of their Board Meeting held on 11.11.2024, revealing their decision to invest in Ramco Cements Limited by purchasing shares up to Rs.160 Crores through Stock Exchanges. The company also plans to raise credit facilities from banks, mutual funds, or NBFCs up to Rs.160 Crores for corporate requirements and funding the investment. The acquisition is not a related party transaction, and the shares will be purchased at the prevailing market rates on the respective dates through the stock exchanges. Ramco Cements Limited (TRCL) is one of the Ramco Group of Companies engaged in manufacturing Cement, and the existing investment in TRCL has appreciated significantly.
Key Highlights
- Ramco Industries to invest in Ramco Cements Limited by purchasing shares up to Rs.160 Crores through Stock Exchanges.
- Company plans to raise credit facilities from banks, mutual funds, or NBFCs up to Rs.160 Crores for corporate requirements and funding the investment.
- Acquisition is not a related party transaction and shares will be purchased at the prevailing market rates.
- Ramco Cements Limited (TRCL) is one of the Ramco Group of Companies engaged in manufacturing Cement.
- Existing investment in TRCL has appreciated significantly.