Ashoka Pte Acquires Rs 17-Crore Stake in HeidelbergCement

Ashoka Pte Acquires Rs 17-Crore Stake in HeidelbergCement
Mumbai: Ashoka Pte Ltd on Monday acquired 1 per cent stake in Germany-based HeidelbergCement Group's Indian arm for about Rs 17 crore through an open market transaction.

According to bulk deals data available with NSE, the Singapore-based firm acquired 23,29,252 shares, or 1.02 per cent stake in HeidelbergCement India Ltd for Rs 16.65 crore.

The shares were bought at an average price of Rs 71.5 per piece.

Meanwhile, Australia's First State Investment on Monday offloaded 0.65 per cent stake in the cement manufacturing plant. The firm's First State Indian Subcontinent Fund sold 14,86,240 shares in HeidelbergCement for Rs 10.62 crore.

HeidelbergCement India Ltd is a subsidiary of Germany-based HeidelbergCement Group.

The company has operations at Damoh in Madhya Pradesh, Jhansi in Uttar Pradesh and Ammasandra in Karnataka and sells cement under the MyCem brand.