Star Cement soars on getting nod to sell 40% stake in Star Cement (I), Star Cement North East
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Star Cement is currently trading at Rs. 114.10, up by 2.70 points or 2.42% from its previous closing of Rs. 111.40 on the BSE.
The scrip opened at Rs. 110.05 and has touched a high and low of Rs. 114.70 and Rs. 110.05 respectively. So far 8713 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 124.10 on 12-Dec-2022 and a 52 week low of Rs. 81.50 on 17-Jun-2022.
Last one week high and low of the scrip stood at Rs. 114.70 and Rs. 101.65 respectively. The current market cap of the company is Rs. 4625.84 crore.
The promoters holding in the company stood at 67.03%, while Institutions and Non-Institutions held 6.67% and 26.29% respectively.
Star Cement has received approval from board of directors to sell and transfer 20,000 Equity Shares of Rs 10 each (i.e., 40% of shares held) in Star Cement (I) & Star Cement North East, both Wholly Owned Subsidiary Companies to Star Cement Meghalaya, a Material Subsidiary Company of Star Cement at cost price. Star Cement (I) & Star Cement North East have not commenced its operations yet.
After aforesaid transfer of shares both Star Cement (I) & Star Cement North East shall remain the Wholly Owned Subsidiary Companies of the Company. The transfer of shares will be completed within March 31, 2023. The board of directors at its meeting held on February 03, 2023 has approved the same.
Star Cement is engaged in the manufacturing and selling of Cement Clinker & Cement.
