Shree Cement Ltd has submitted a preliminary offer to buy a majority stake in Odisha-based Shiva Cement Ltd, two people aware of the development said. ?The promoters of Shiva Cement have been in exit mode for a while now and have been in talks with several suitors and have mandated SBI Caps and L&T Finance to find a buyer,? one of the two people said on condition of anonymity as the talks are private. Shree Cement?s offer has been in the vicinity of Rs15 a share, said the second person, also declining to be named. Both Shree Cement and Shiva Cement are listed on BSE and the National Stock Exchange.
The Economic Times on 24 October reported that JSW Cement was in talks to acquire Shiva Cements. JSW Cement has denied any such plans.
Currently, ACC Ltd holds close to 13 per cent in Shiva Cements and, according to the people cited earlier, it also has a right of first refusal in the transaction. ACC had not responded to an email seeking comment at the time of going to press.