Ramco Management Private Limited and Rajapalayam Mills Limited agreed to acquire an additional 16.23% stake in Ramco Industries Limited from The Ramco Cements Limited.

Ramco Management Private Limited and Rajapalayam Mills Limited (BSE:532503) agreed to acquire an additional 16.23% stake in Ramco Industries Limited (NSEI:RAMCOIND) from The Ramco Cements Limited (NSEI:RAMCOCEM) on October 21, 2024. Under the terms of agreement, Rajapalayam Mills Limited will pay a consideration value upto INR 850 million. The consideration will be in cash which will be paid in one or more tranches.

Post completion of the transaction there will be no change in the management of the Ramco Industries Limited. The deal is subject to the approval by the Board of The Ramco Cements Limited and Rajapalayam Mills Limited. As of October 29, 2024, Board of Directors of Rajapalayam Mills Limited have approved the transaction.

The expected completion date of the transaction is October 28, 2024. As of October 29, 2024, the transaction would be completed within a period of 30 days from the date of approval by the Board of Directors of Rajapalayam Mills Limited (BSE:532503) and Ramco Management Private Limited. As per the announcement dated December 23, 2024 Rajapalayam Mills Limited shareholders have approved the transaction.