New Delhi: Shares of India Cements Ltd rose nearly 14 per cent on Thursday morning after major cement maker UltraTech Cement said it will acquire about 23 per cent stake in the Chennai-based firm for up to Rs 1,885 crore.
The stock rose 13.70 per cent to hit a 52-week high of Rs 299 on the BSE.
On the NSE, the stock rose 13.77 per cent to Rs 298.80 - its 52-week high.
Shares of UltraTech Cement also jumped 6.51 percent to reach a one-year high of Rs 11,875.95 on BSE.
A regulatory filing by UltraTech Cement said the company's board of directors at its meeting held on Thursday approved "making financial investment to purchase 7.06 crore equity shares of India Cements Limited".
The filing said the deal would be "at a price of up to Rs 267 per share" and the non-controlling financial investment would amount to approximately 23 per cent of the equity share capital of India Cements.
The turnover of India Cements for the financial year 2023-24 stood at Rs 5,112 crore.
UltraTech Cement has a consolidated capacity of 152.7 million tonnes per annum (MTPA) of gray cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerization unit and 8 bulk packaging terminals.
The stock rose 13.70 per cent to hit a 52-week high of Rs 299 on the BSE.
On the NSE, the stock rose 13.77 per cent to Rs 298.80 - its 52-week high.
Shares of UltraTech Cement also jumped 6.51 percent to reach a one-year high of Rs 11,875.95 on BSE.
A regulatory filing by UltraTech Cement said the company's board of directors at its meeting held on Thursday approved "making financial investment to purchase 7.06 crore equity shares of India Cements Limited".
The filing said the deal would be "at a price of up to Rs 267 per share" and the non-controlling financial investment would amount to approximately 23 per cent of the equity share capital of India Cements.
The turnover of India Cements for the financial year 2023-24 stood at Rs 5,112 crore.
UltraTech Cement has a consolidated capacity of 152.7 million tonnes per annum (MTPA) of gray cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerization unit and 8 bulk packaging terminals.
