29 October 2018 Current Affairs:
The India Cements Ltd. (ICL), a leading cement manufacturer, has signed a deal for the acquisition of Springway Mining Private Limited. The share acquisition is to happen in a phased manner. The transaction involves a total consideration of Rs.82.89 crore.
Springway Springway, which is incorporated in 2010, has a paid-up capital of Rs.20 crore. It is engaged mainly in the mining and quarrying business.
ICL had acquired it with an idea to set up a cement plant in Madhya Pradesh. ICL is planning a clinker grinding unit in East Nimar district of Madhya Pradesh. The proposed 1.5 million tonne unit is expected to involve an investment of a little over Rs.300 crore.
♦ Paid-up capital is the amount of money a company has received from shareholders in exchange for shares of stock
♦ Paid-up capital is created when a company sells its shares on the primary market, directly to investors