Star Cement drops stake sale plan

“At the moment the exercise is off, given especially the fact just over the past few days the market has lost over 20 per cent in value. We do not think we will get an acceptable price at the moment," said Sajjan Bhajanka, managing director, Century Plyboards.

The deal size, inclusive of debt was being pegged at $250- $275 million (Rs 1,000- Rs 1,200 crore). Bhajanka said that the company had earlier engaged Morgan Stanley as advisers.

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