Shriram EPC soars 5% as PE firms eye stake in co

Shares of Shriram EPC were up nearly 5 percent after Times of India reported that private equity companies are in talks to buy a large stake in the company.

The report said Blackstone Group and Kohlberg Kravis Robert (KKR) are the companies that are in discussion for a stake buy.

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Shriram EPC is planning to raise Rs 400 crore, the report said. The company had recently taken control of Andhra Pradesh-based cement company Sree Jayajothi Cements.

Media had recently reported that Aditya Birla Group is in advanced talks to buy two cement plants of Jaiprakash Associates. The value of the deal was seen around Rs 8,000 crore.

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KKR already has a stake in Dalmia Cement. The cement sector had been in the limelight recently after the Competition Commission of India imposed a penalty of Rs 6,300 crore on 11 companies for cartelisation.