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Raasi cement promoted by B.V. Raju and N P K Raju in 1978. Main Industry is located in Hyderabad. Raasi owned 39.5% stake on sri vishnu cement Ltd.(SVCL) Raasi had a Bailout takeover on SVCL and Raasi is nurturing SVCL. Raasi's cement division had a capacity of 1.60 mtpa and it is a low cost cement producer. Other than cement, the group also had interests in ceramics and paper B.V.Raju - vice chairman of Raasi cement.
Takeover
In 1995 Srinivasan got 4% share (0.68 m), 1996 increased to 5%, 1997 - increased to 8%. By January 1998, Srinivasan had accumulated 18.03% of Raasi's equity, (open market purchases & buying out the stake of the Raju family). In February 1998, Srinivasan announced an open offer to acquire an additional 20% of Raasi's equity. He offered Rs. 300 per share, 72.41% above the stock market price of Rs. 174 on February 26, 1998.
Takeover
On March 1, 1998, the state-owned APIDC sold its 2.13% stake in Raasi to ICL. Chennai-based stockbroker, Valampuri & Co. cornered 1.40 % of Raasi's equity from the market for Srinivasan, taking ICL's stake in Raasi to 21.56%. If it gets share from V.p. Babaria - stake will increase to 28.56% and it will become the Vito-power to the company After Negotiation ICL team bought Raasi shares for Rs. 286 a share, i.e. Rs. 1.49 billion