Following this order, Heidelberg Cement will need to pay only Rs 58 per share, instead of the earlier agreed Rs 72.50 apiece. This 25 per cent premium was agreed as a "non-compete fees" to the Indian promoters when the German major took majority control in Mysore Cements in 2006. Sebi said it did not find merit in the non-compete fees arrangement as the "sellers/promoters to whom non-compete consideration has been paid consist of trusts and charitable institutions."
HeidelbergCement has decided to move the Securities Appellate Tribunal challenging the directive of the Securities and Exchange Board of India.
At least four global cement majors, Lafarge, CRH, Heidelberg Cement and Intalicementi, are in the race to buy a little-known cement company in Maharashtra Murli Industries with a total capacity of 2.9 million tonnes.
The broader markets, however, outperformed the benchmark indices -- BSE Midcap and Smallcap indices ended up 0.6%-1%.
Sebi to fix promoters' side deals with PE investors
FIIs pump in Rs 2,075 crore in past three trading sessions.
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