Grasim to divest 54 pc stake in SDCC

Mumbai, Dec 5 (UNI) Aditya Birla Group controlled Grasim Industries today declared that it will divest around 54 per cent of its stake in Shree Digvijay Cement Company (SDCC) to a Portugal-based cement producer-Cimpor for Rs 322 crore.

The board has approved the sale of 7.58 crore equity shares representing 53.63 per cent of SDCC for Rs 42.50 a share to Cimentos De Portugal, Grasim Industries said in a communique to the Bombay Stock Exchange (BSE).

Pursuant to this transaction is expected to be completed by the end of current financial year, after which SDCC would cease to be a subsidiary of Grasim, the company said, ''This decision to divest its equity in SDCC is primarily intended to rationalise its portfolio of plants.'' Cimpor would acquire the shares through its subsidiary Cimpor Inversiones, which would later make a public offer for an additional 20 per cent stake in SDCC in compliance with SEBI guidelines and on closing it would control SDCC, the company added.

UNI