ACC has sold off its residual 8.2% equity stake in Everest Industries in the secondary market, thus finally exiting from its majority equity holding in the company. The stake was put up for sale by Holcim following its acquisition of ACC in India two years ago. ACC had earlier tried to sell its 76% stake in the company to the Adani Group, who had also announced an open offer to acquire further stake as required by the takeover code. However, the offer failed to materialize due to Everest’s valuation-related issues. Finally, about a year back ACC sold off 50% stake to Eternit Finvest managed by the Mrinalini Trust of Gujarat Ambuja’s Narottam Sekhsaria. The stake sale would have fetched about Rs. 10-15 crores to ACC based on the market price.
Everest Industries is a building materials manufacturer and the oldest player in the roofing industry. The company is in the asbestos-based roofing materials business and has a turnover of about Rs. 250 crores. It sells its roofing products under the popular Everest brand while its interior products are sold under the brand E-Board.
Article in The Economic Times.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment