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    Home»Health»Dalmia Cement to sell 42% stake in associate firm to Sarvapriya Healthcare for Rs 800 crore
    Health

    Dalmia Cement to sell 42% stake in associate firm to Sarvapriya Healthcare for Rs 800 crore

    yourhealthtechBy yourhealthtechMarch 28, 2023No Comments2 Mins Read
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    Dalmia Cement, a wholly-owned subsidiary of Dalmia Bharat group, has inked a pact to sell its 42.36 percent stake in an associate firm to Sarvapriya Healthcare Solutions for Rs 800 crore, a regulatory filing said on March 26.

    Dalmia Cement has “entered into a binding agreement to sell its entire investment of 1,87,23,743 equity shares of Rs 10 each (42.36 percent of share capital) of Dalmia Bharat Refractories Limited, an associate company, at a consideration of Rs 800 crore to Sarvapriya Healthcare Solutions Private Limited, a promoter group company”, the exchange filing stated.

    The decision is in line with the company’s “strategy to exit non-core business”, and was pursuant to the approval given by the board of directors of Dalmia Bharat on March 25, it added.

    The transaction will be consummated on or before April 25, 2023, the company noted. Out of the total payment of Rs 800 crore, 20 percent will be paid to Dalmia Cement on the date of consummation. Out of the pending amount, 40 percent would be paid in the form of non-convertible debentures (NCDs) redeemable on or before December 31, 2023, and the remaining 40 percent in the form of NCDs that will be redeemable on or before December 31, 2024, the regulatory filing said.

    The NCDs will carry a coupon of 8.5 percent per annum, payable quarterly, it further added.

    To further discuss the disinvestment decision, the company said it will hold an investors conference call on March 27.

    The shares of Dalmia Bharat, the parent entity, closed at Rs 1,831 apiece at the stock market during the last trading session, marking a 0.4 percent climb as against the previous day’s close.

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