JK Cement , JK Cement Saifco Acquisition: JK Cement has completed the acquisition of a majority 60 per cent stake in Jammu & Kashmir-based Saifco Cements for Rs 150 crore. Following this, Saifco Cements has become a subsidiary of JK Cement with immediate effect.
In an exchange filing, the company said, “We are pleased to inform you that today the Company has paid the consideration of Rs. 149.81 Crores towards acquisition of 60% Equity Shares of Saifco and simultaneously the said Equity Shares of Saifco constituting 60% Equity has been transferred/allotted/credited in the demat account of the Company.”
Source: Economic Times 