India Cements to Divest Schemes in Subsidiaries

India Cements has decided to exit its entire investments in some of its subsidiaries as part of a scheme of arrangement. In a recent filing, the company said it will sell its entire holding in Coromandel Electric Company Ltd (CECL) to a Chennai-based company, Adam & Coal Resources Private Ltd for Rs 360 million. After the sale, CECL will cease to be a subsidiary of India Cements. Coromandel Sugars where CECL holds 49.99% stake will also cease to be a subsidiary of India Cements.

Other Schemes Sold:

• Coromandel Travels: To be sold to Venbro Investments and Financial Services Pvt Ltd for Rs 3.98 lakh.
• Raasi Cement: Entire stake to be sold to Venbro for Rs 10,000.
• Unique Receivables Management Pvt Ltd: To be sold to Venbro for Rs 2,500.

India Cements’ financial services and securities arms, ICL Financial Services and ICL Securities have also decided to sell their entire holding in Raasi Cement and cease to be associated with the company.

India Cements stock rose 2.27% to close at 272.95.