India Cements Capital sells 24.7% stake

CHENNAI: India Cements Capital (ICCL), a former associate company of India Cements, has sold 24.7% stake in the company to stock broking firm Paterson & Co. Chennai-headquartered ICCL is not part of India Cements, in which Ultratech Cement acquired the stake of N Srinivasan and family an year ago. In a stock exchange filing on Thursday, ICCL said Paterson & Co has acquired 53,72,000 shares comprising 24.7% stake. This will bring down the stake of majority shareholder Sri Saradha Logistics to 50.15% from 74.9%, though it will continue to hold the controlling stake. According to sources, the value of the deal was around Rs 8.5 crore.ICCL offers services in verticals including foreign exchange and share broking.

India Cements forayed into financial services in 1990s by acquiring Aruna Sugar Finance and later renamed it as ICCL. The company commenced Full Fledged Money Changing activity in 1996.After UltraTech Cement took over India Cements last year, ICCL was hived off from the India Cements group. In July 2024, the promoter and promoter group comprising ICL Financial Services, ICL Securities and Srinivasan entered into agreements to sell their entire holdings of 1,04,21,750 equity shares constituting 48% of the paid-up equity share capital of the company to Sri Saradha Logistics, another entity in the promoter group. During FY25, ICCL recorded a revenue of Rs 4.6 crore.