Sagar Cements Limited (BSE:502090) intent to acquire 95% stake in Andhra Cements Limited (BSE:532141) on January 13, 2023. The Resolution Professional of Andhra Cements Limited declaring us as the successful Resolution Applicant along with a Letter of Intent (LOI) issued to us for the purpose. This letter of intent, which is subject to further decisions if any, of the authorities concerned, has since been accepted by us and further actions on this LOI will be taken in due course.

Transaction was approved by Committee of Creditors (CoC) of Andhra Cements. As of February 16, 2023. Sagar Cements Limited (BSE:502090) are happy to inform that the National Company Law Tribunal (NCLT) has since approved the resolution plan submitted by us for acquisition of Andhra Cements Limited.

Samir Sheth of BDO AG acted as advisor to Pridhvi Asset Reconstruction and Securitisation Company Limited.