BUSINESS

Promoters raise stake

MUMBAI, NOV. 29. The Indian promoters of Prism Cements have bought out the entire 8.38 per cent holding of foreign promoters F. L. Smidth & Co and IFU of Denmark in the company, taking their stake to over 61.7 per cent.

Manali Investments and Finance Pvt. Ltd., part of the Indian promoter group, has acquired 1.25 crore shares (4.19 per cent stake) from F. L. Smidth and 95 lakh shares from Industrialisation Fund for Developing Countries (IFU) 3.19 per cent) through an inter-se transfer between the promoters on November 25, the company informed the NSE today.

PTI

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