N Srinivasan resigns as CEO, MD of India Cements

N Srinivasan, chief executive officer (CEO) and managing director (MD) of India Cements and other members of the board have tendered their resignation with immediate effect on Wednesday, December 25, following UltraTech Cement’s 32 per cent acquisition of the South-based cement maker.

The Aditya Birla Group firm has completed the acquisition of 10.13 crore equity shares of India Cements Ltd (ICL), representing 32.72 per cent of the equity share capital of the company. “This, together with the existing shareholding of 7.05 crore equity shares (22.77 per cent) of the equity share capital of ICL, has resulted in the Company’s shareholding increasing to 17.19 crore equity shares representing 55.49 per cent of ICL’s equity share capital,” UltraTech had informed in a late-night regulatory filing on Tuesday.