UltraTech Cement informs the exchange regarding acquisition of around 23% stake in India Cement on Thursday, June 27. The stock price rallied ~6% to ₹11,349.85 on NSE. The board meeting commenced at 1.45 pm and concluded at 2.00 pm.
The board meeting of the Directors of the company approved making a financial investments to purchase upto 7.06 crores (~24%) equity shares of The India Cements Limited. UltraTech Cement has acquired share at the price of upto Rs. 267 per share, aggregating to Rs. 1885 crores, out of which 6.91 crores are sells by Mr. Radhakishan Damani.
Based on the aforementioned approval, the company acquired 6.03 crore shares aggregating to 19.44%. The Board of Directors at a separate meeting approved acquiring upto 3.4% equity shares at a price upto Rs. 285 per share.
ReadotherBPRL Ventures acquires IBV Brazil at $270 million; see full details
About The India Cements Limited
Incorporated in 1946, The India Cements Limited manufactures and sells cement. The company have its own registered office at Dhun Building, 827, Anna Salai, Chennai. The company has turnover of Rs. 5,112 crores in FY24, Rs. 5,608 in FY23 and Rs. 4858 crores in FY22.
2 thoughts on “UltraTech Cement invests Rs. 1885 crores in India Cement; Big Move”