Cement Company Announces Stake Sale Through OFS

Sagar Cements Ltd has announced that it has decided to reduce its stake in its subsidiary, Andhra Cements. In an exchange filing, the company stated that it will sell a stake in Andhra Cements through an Offer for Sale (OFS) to comply with minimum public shareholding norms. Under this plan, the company intends to sell up to 8.14 percent of its stake by Monday, which could include approximately 75 lakh shares.

The company stated that this step is being taken to meet SEBI’s minimum public shareholding requirements. Sagar Cements is currently the promoter of Andhra Cements and will remain the promoter even after the stake sale. According to the information provided to the exchange, Sagar Cements had previously sold a 5 percent stake in Andhra Cements on February 26, 2024. At that time, the company sold a total of 46,08,607 equity shares, each with a face value of ₹10, through an Offer for Sale.