Reliance MF hikes stake in Madras Cements to over 5%
New Delhi: Reliance Mutual Fund has raised its stake in Madras Cements to a little over five percent with acquisition of 90,000 shares.
With this acquisition on June 14, the Chennai-based cement maker said the fund house's holding in the company now stands at 5.01 percent, or 1.193 crore shares, according to a BSE filing by Madras Cements.
Reliance Mutual Fund is a part of Reliance Capital, the financial services arm of Anil Ambani Group.
Prior to the acquisition of shares through open market transaction in BSE and National Stock Exchange, Reliance Capital Trustee controlled 1.184 crore shares amounting to 4.97 percent stake in Madras Cements.
Madras Cements is the flagship company of Ramco Group. The company has five production facilities spread over South India, with a current total production capacity of 13 million tonnes per annum.
Madras Cements' scrip Monday closed at Rs 151.85 apiece at the BSE, up 0.33 percent over the previous closing.