Damani, the owner of Avenue Supermarts Ltd., has informally reached out to the cement manufacturer's controlling shareholder, N. Srinivasan, to explore a takeover, the report said.
Srinivasan, who controls about 29 per cent of the Chennai-based cement maker, is also exploring other investors to ward off any hostile bids, the report said, adding Damani has promised a friendly change in management and isn't seeking a hostile takeover.
Radha Kishan Damani has increased the equity stake in N Srinivasan's India Cements
to just under 20 per cent.
The latest shareholding pattern for quarter ending March 2020 submitted to the stock exchanges shows that prominent investor R. K. Damani with his family members have raised stake in India Cements from 4.73 per cent at the end of 3Q FY20 to around 20 per cent by end-4QFY20. The stake increase has been through purchase of shares from open market.