India Cements tanks 3%

India Cements has fixed Record Date as October 09, 2015 for the purpose of distribution of shares of Chennai Super Kings Cricket Limited (CSK) to the shareholders of India Cements Limited. They will thus get shares in the ratio of 1:1 – one share of India Cements held will bring in one share of CSK.

The company had demerged CSK into a wholly owned subsidiary by transferring the assets at net cost, and earning around #8377;166 crore. India Cements had bid for CSK franchise in 2008 for $91 million, payable over a 10-year period.

This apart, the counter saw a lot of activity today as there was a block deal, with some 17.63 lakh shares or 5.6% of the company’s equity changing hands v/s 10 lakh shares over past two-week average.  Identity of buyer and seller is not yet known.

The stock price is down in the red today morning at Rs.77.75, a dip of 3% with an intra day high and low of Rs.79.40 and Rs.76.60 respectively.