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The board of Aditya Birla Group-owned cement company UltraTech has approved the purchase of 32.72% stake in India Cement Limited. In this deal, UltraTech will have to pay a total of Rs 3,954 crore at the rate of Rs 390 per share.
In this, the company will get more than 10 crore shares of the promoters and associates of India Cement. Now UltraTech Cement has a majority stake of 55.49% in India Cement. The company has given this information in the exchange filing today i.e. Sunday (28 July).
Bought 22.77% stake in June for ₹1,885 crore
The board of directors of UltraTech Cement approved the acquisition of 22.77% stake in India Cements in June. The company bought 7.06 crore stocks of India Cements at Rs 268 per share. The total value of this deal is around Rs 1,885 crore.
UltraTech stock rose 40.42% in one year
UltraTech Cement’s stock closed at Rs 11,664.05 after rising 1.95% on Friday, July 26. The company’s stock has declined by 0.03% in the last one month. It has given a return of 13.53% in 6 months and 40.42% in one year. This year, UltraTech’s stock has risen by 11.47%.
UltraTech Cement shares closed at Rs 11,664.05 on Friday, July 26 after gaining 1.95%.
UltraTech is the country’s largest cement company
UltraTech is the country’s largest cement company with a total production capacity of 152.7 MPTA. Earlier this year, the company acquired Kesoram’s cement business at an enterprise value of ₹7,600 crore.
Read this news also…
UltraTech may buy Orient Cement: Final round of talks between the two companies, UltraTech is also buying stake in India Cements
To compete with Adani in the cement business, Kumar Mangalam Birla’s company UltraTech is eyeing Orient Cement Limited. According to media reports, Birla is in the final round of talks with the company’s promoter CK Birla to buy Orient Cement.
Kumar Birla’s new efforts to buy Orient are being seen as an attempt to strengthen UltraTech’s position in the southern and western markets, especially Maharashtra and Telangana. Earlier last year, there were discussions between these two companies to buy Orient Cement, but the matter was not finalized.
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