India Cement, the largest cement producer in South India, witnessed a rise in share price on Thursday after the board of directors of the company approved a proposal for reorganisation of Chennai Super Kings Cricket, the company's wholly-owned subsidiary, under which the ownership of the Franchise will be held by shareholders of The India Cements.

Last week, India Cements said that it would transfer its IPL team CSK to the new subsidiary, Chennai Super Kings Cricket (CSKC).

Shares of the company are trading at Rs 109.60, up Rs 14.6, or 15.37% at the Bombay Stock Exchange (BSE) on Thursday at 10:47 a.m.

The scrip has touched an intra-day high of Rs 111.00 and low of Rs 99.25. The total volume of shares traded at the BSE is 1,081,778.