Damanis increase stake in India Cements to 19.89%

Radhakishan S Damani family, the promoters of retail chain D-Mart, has increased shareholding in India Cements Ltd by 15.16 per cent as of March 2020.

Radhakishan S Damani and his brother Gopikishan S Damani now together hold 19.89 per cent in India Cements, the Chennai-based company headed by N Srinivasan, according to a regulatory filing. Radhakishan S Damani held 4.73 per cent in India Cements as of December 2019.

He now holds 3,18,86,777 share of India Cements, which is 10.29 per cent, while his brother Gopikishan Shivkishan Damani owns 8.26 per cent, which is 2,56,01,589 shares of the company as on March 31, 2020.

While Radhakishan S Damani & Gopikishan S Damani together hold 1.34 per cent, which is 41,45,103 shares of India Cements. According to a filing on BSE under the Substantial Acquisition of Share and Takeover Regulation on February 26, Damanis had acquired 7.27 per cent share of the company.

The purchase was made from the open market between February 25 and 26, increasing their stake from 4.71 per cent to 11.98 per cent. Then from February 27 to March 16, another 4.2 per cent shares were acquired in several tranches from the open market, increasing Damanis' stake to 16 per cent and more stocks were also purchased from March 17 to March 25.