Sagar Cements to sell its stake in JV to Vicat.

Hyderabad-based Sagar Cements Limited has decided to sell its entire 47 per cent stake in the joint-venture Vicat Sagar Cement Private Limited to its French partner at a total price of Rs. 435 crore, over five times of its equity investment.

The board of directors recently approved the sale of its entire stake of 65.23 million shares of Rs. 10 face value held in the JV to Parficim S A S, France, an affiliate of Vicat S A, France, for the above consideration. The acquisition of its stake by the JV partner works out at Rs. 66.68 per equity share, Sagar Cements informed the BSE recently.


BS