Shares of Ramco Cements surged over 3% today, trading at ₹897.05 on the NSE as of 9:27 AM, following key announcements from its board meeting on November 11, 2024. The board of Ramco Industries approved an investment plan to acquire shares of The Ramco Cement, with a maximum investment value of ₹160 crore. The acquisition will be executed in multiple tranches through stock exchanges.
Additionally, the board sanctioned the raising of credit facilities from banks, mutual funds, and non-banking financial companies (NBFCs) up to ₹160 crore. This funding, facilitated through secured, rated, redeemable, non-convertible debentures, term loans, or other borrowing instruments, aims to meet corporate requirements and support the planned investment in The Ramco Cement.
The stock reacted positively to these announcements, with investors viewing the strategic investment and funding move as a sign of confidence in Ramco Cements’ growth prospects. This development has further strengthened market sentiment around the company’s financial position and future performance in the construction materials sector.