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Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
With its 22.7% equity stake last month, UltraTech will now be a majority shareholder in India Cements, which has a stronghold in India’s southern states.
The Aditya Birla Group-owned UltraTech Cement announced on Sunday that it will acquire a 32.72% stake in India Cements for Rs 3,954 crore from its promoters and their associates.
Last month, UltraTech had bought 22.77% stake in India Cements at Rs 268 per share. After the transaction, India Cement promoters approached UltraTech to sell their stakes.
The latest deal will push UltraTech’s ownership in India Cements to 55.5%, making it the majority shareholder in the cement manufacturer.
For the current deal, UltraTech will pay Rs 390 per share, prompting a mandatory open offer for the same price per share, the …
