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For a consideration of Rs 40 crore Pru ICICI and DSP Merril have acquired a stake of 7.4% in Orrisa based cement and refractory manufacturer,OCL India.Both companies have brought shares from Dalmia Group who are the promoters of OCL through the open market route. Shareholding of the promoters have declined from 74.96% to 67.6%. OCL equity was acquired has been acquired for Rs 140 per share by DSP Merril and ICICI pru. OCL who is the producer of the Konark Brand of Cement ids the leading producer of cement in Orissa. OCL also has a sponge iron unit with a capacity of 1.2 lakhs tonnes per annum. The share price of OCL has been falling since last one week from Rs 168.5 to Rs 153.15. It closed at Rs 142.40 on Thursday wherby it is planning to raise its cement capacity.The company is alsio setting up a steel unit in Rajgangpur where it has a manufacturing facility. Banks and financial institutions have a share holding in OCL where they control around 24% of it. Orissa is the market leader which has been the fastest growing cement markets in the eastern region. During april -july 05 cement consumption in the state grew by 9.6% to 1.44mt. |
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| Posted : 9/23/2005 |
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