Mauritius-based FII trims India Cements shareholding. Details here

Elm Park Fund, a Mauritius-based foreign institutional investor (FII), has trimmed its shareholding in cement maker India Cements.

The stake sale, carried out on February 4 by Elm Park Fund, saw the FII trimming his stake by 1.5 crore shares or 4.93%.

Before the sale, the FII held a 5.44% stake or 1.68 crore shares of India Cements. Following the stake sale, the number of shares held by the institutional investor declined to 15.94 lakhs, representing a 0.51% stake in the company.

India Cements Shareholding Pattern

As of the December quarter, foreign portfolio investors, including Elm Park Fund, held a 14.5% stake in India Cements, shows the shareholding pattern filed by the company. Morgan Stanley Asia, a prominent FII, held a 1.22% stake or 37,88,973 shares of India Cement.

Meanwhile, domestic institutional investors (DIIs) held a 6.68% stake in the company at the end of Q3. UltraTech Cement, which is now the new promoter of India Cements, held a 55.49% stake.

UltraTech acquired 32.72% of the equity share capital of the company on December 24, in accordance with Regulation 22(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011. UltraTech’s aggregate shareholding in the company has increased to 55.49%. Accordingly, the company has become a subsidiary of UltraTech, India Cements said in its Q3 earnings press release.

India Cements Q3 Results

The cement company posted a 18% year-on-year (YoY) decline in Q3 consolidated net sales to ₹940.81 crore from ₹1,144.46 crore in the same quarter last year. However, the company's profit after tax witnessed a multifold increase of 29,187% to ₹196.22 crore compared with ₹0.67 crore in the corresponding quarter of FY24 as the company witnessed a sharp decline in its net debt to ₹866 crore.

The company achieved a cement capacity utilisation of 57% during the quarter. Domestic sales volume grew 5% YoY on a consolidated basis.

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