N Srinivasan tipped down as Chief Executive Officer (CHIEF EXECUTIVE OFFICER) and Managing Director (MD) of India Cements onWednesday This comes days after the Competition Commission of India (CCI) accepted over Rs 7,000 crore offer, in which billionaire Kumar Mangalam Birla- advertised UltraTech Cement will certainly get a bulk risk in India Cements Ltd.
In a regulative declaring, India Cements revealed the departure of its once marketers and marketer team. “The erstwhile promoters and members of the promoter group, namely Mr. N. Srinivasan, Mrs. Chitra Srinivasan, Mrs. Rupa Gurunath, EVVS Finance & Investments Private Limited, Mr. S.K. Asokh Baalaje, Financial Service Trust, Security Services Trust and Chennai Super Kings Cricket Limited (collectively, ‘Erstwhile Promoters’), who no longer hold any equity shares of the Company, cease to be promoters/members of the promoter group of the company.”
In a resignation letter, Srinivasan created: “Consequent to the divestment of my entire shareholdings in The India Cements Limited (‘ICL’), as one of the ‘Promoters’ of ICL with UltraTech Cement Limited (‘Acquirer’) and in terms of the Share Purchase Agreement dated 28.07.2024 entered with the Acquirer, I, N. Srinivasan (DIN: 00116726), hereby tender my resignation as Vice Chairman & Managing Director, Director and Chief Executive Officer (KMP) of The India Cements Limited with immediate effect. I also cease to be the Promoter of The India Cements Limited with immediate effect.”
Last Friday, the CCI accepted UltraTech Cement’s purchase ofThe India Cements Limited “The proposed combination envisages UltraTech Cement Ltd’s (UltraTech/acquirer) acquisition of 32.72 per cent of the paid-up equity share capital of India Cements Ltd (India Cements/target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd.”
Additionally, the regulatory authority accepted UltraTech Cement to get as much as 26 percent of the paid-up equity share funding of India Cements using an open deal.
UltraTech is a public noted business and is taken part in business of the manufacture and sale of grey concrete, white concrete, ready-mix concrete, clinker, and structure items inIndia UltraTech is additionally taken part in the stipulation of structure services inIndia UltraTech is a subsidiary of Grasim Industries Limited, a public noted business.
India Cements is a public noted business and runs both core and non-core organizations. The core service of India Cements is the manufacture and sale of grey concrete and ready-mix concrete.
