On Thursday, June 27, UltraTech Cement announced that its board has approved the acquisition of a 23% equity stake in India Cements. The deal involves purchasing 7.06 crore shares of India Cements at Rs 267 per share, amounting to approximately Rs 1,900 crore in total.
Deal Details
The acquisition follows a significant block deal on the same day where 20% equity stake in India Cements was sold. The specifics of the buyers and sellers were not immediately disclosed.
Market Reaction
India Cements’ stock surged up to 7% in early trading, building on a 14% gain from the previous session.
Ownership Landscape
Currently, the promoter group holds 28.42% stake in India Cements, while notable investor Radhakishan Damani and associates own 20.78% of the cement company.
Acquisition Timeline
UltraTech Cement expects to complete the acquisition within approximately one month. The transaction is being executed entirely in cash.
