The board of India Cements has approved the divestment of its entire stake in several subsidiaries as part of its strategic restructuring.

In an exchange filing, the company announced that it will sell its entire equity investment in Coromandel Electric Company Ltd (CECL) to Adam & Coal Resources Private Ltd, a Chennai-based firm, for Rs 360 million. Following the completion of the sale, CECL will no longer be a subsidiary of India Cements. Additionally, Coromandel Sugars, in which CECL holds a 49.99% stake, will also cease to be an associate of the company.

Other Divestments: Coromandel Travels: To be sold to Venbro Investments and Financial Services Pvt Ltd for Rs 3.98 lakh. Raasi Cement: Entire stake to be sold to Venbro for Rs10,000. Unique Receivables Management Pvt Ltd: To be divested to Venbro for Rs 2,500. Additionally, ICL Financial Services and ICL Securities, both wholly owned subsidiaries of India Cements, have also approved the sale of their entire equity investment in Raasi Cement, leading to its dissociation from the company.

Shares of India Cements closed the trading session at Rs 272.95, up 2.27%.