21 hrs ago
Zuari Industries Raises Texmaco Infrastructure Stake to 30.83%
Zuari Industries bought more shares in Texmaco Infrastructure & Holdings.
It purchased about 1.28 crore shares for nearly ₹148 crore.
The purchase happened through a single block deal on September 23.
The shares came from Zuari International, which is fully owned by Zuari Industries.
As a result, Zuari Industries’ direct ownership rose from 20.78% to 30.83%.
The wider promoter group still owns the same combined share of 66.55%.
The company said it made the purchase to bring its investments together under the listed company.
The deal was treated as a related-party transaction because the two companies are part of the same group.
Zuari Industries acquired 1,28,10,900 Texmaco Infrastructure & Holdings shares for approximately ₹147.96 crore.
The block deal was completed in one tranche on the National Stock Exchange of India on September 23.
Zuari Industries’ stake increased from 20.78% to 30.83% after the acquisition.
The shares were acquired from Zuari International, Zuari Industries’ wholly owned subsidiary.
The promoter and promoter group’s combined holding remained unchanged at 66.55%.
- Who
- Zuari Industries acquired shares from Zuari International, its wholly owned subsidiary.
- What
- It acquired 1,28,10,900 equity shares of Texmaco Infrastructure & Holdings for approximately ₹147.96 crore.
- Where
- The transaction was executed on the National Stock Exchange of India.
- When
- The block deal was executed on September 23; the board had approved the acquisition on August 13.
- Why
- Zuari Industries said the acquisition was intended to consolidate its investment portfolio at the listed holding company level.
Key facts
- Acquirer
- Zuari Industries Ltd
- Target company
- Texmaco Infrastructure & Holdings Ltd
- Shares acquired
- 1,28,10,900 equity shares
- Total consideration
- Approximately ₹147.96 crore, including brokerage, Securities Transaction Tax, stamp duty and other applicable charges
- Stake before acquisition
- 20.78%
- Stake after acquisition
- 30.83%
- Promoter group holding
- 66.55%, unchanged after the transaction
Sources
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