India Cements MD and CEO, Mr N. Srinivasan, resigned from his post. According to the exchange filing, Srinivasan will stop working in the company on January 1, 2025. This has brought the curtains down for the 50-year-long connection of CEO, Srinivasan with the company that was co-founded by his father, TS Narayanaswami, in 1946. Other than Mr Srinivasan, his daughter Rupa Gurunath, wife Chitra Srinivasan, VM Mohan, and some independent directors also resigned.
This comes after India Cements secured a major acquisition deal worth Rs 7000 crore with cement maker Ultratech. The Competition Commission of India (CCI) approved the acquisition of nearly Rs 10.13 crore equity shares, representing 32.72% of the share capital of India Cements by UltraTech. It also approved an open offer of Rs 8.05 crore shares representing 26% of the share capital from public shareholders for Rs 390 per share.
On December 24, 2024, UltraTech Cement reported that it had completed the acquisition of a 32.72% stake in India Cements. With this, the total shareholding of UltraTech Cement increased to 55.49%.
