Shares of Ramco Industries surged over 6 percent to Rs 247 on October 29 after a significant transaction where 14.1 million shares, representing 16.2 percent of the company’s equity, exchanged hands in two large block deals, Bloomberg data reported. The trades come as part of a strategic disinvestment plan by Ramco Cements, a promoter of Ramco Industries, which sold these shares to Rajapalayam Mills and Ramco Management, both also part of the promoter group.
In an exchange filing, Ramco Industries clarified that the transaction is an “inter-se promoter transfer,” meaning that it only affects the stake distribution among promoters, leaving the company’s management and control unchanged. The adjustment is a strategic move within the group to realign stakes without impacting day-to-day operations.
Ramco Industries manufactures a diverse range of construction products, including fibre-cement sheets and calcium silicate boards, and also operates in the textile-yarn sector. The company’s stock has gained 10 percent this year, slightly underperforming the 12 percent rise in the benchmark Nifty 50 index.
In its latest quarterly holdings report, foreign institutional investors (FIIs) slightly reduced their stake to 0.96 percent from 0.98 percent, while mutual fund holdings remained steady at 2.63 percent.
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Source: Moneycontrol
News Desk
