Mumbai (Maharashtra) [India], The Board of Directors of UltraTech Cement Limited, at its meeting held on Thursday, approved financial investment to acquire 7.06 crore equity shares in The India Cements Limited (ICL).
The move aims to secure approximately 23 per cent of the equity share capital of ICL, which is a notable strategic investment in the company.
The approved investment price is up to Rs 267 per share, making the total potential investment around Rs. 1,885.02 crore.
The Board's decision, taken in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlights UltraTech's intention to strengthen its position in the cement market through a substantial stake in ICL.
Despite a negative opening in the broader stock market, shares of India Cements rose 10 per cent, reflecting investor optimism about UltraTech's investment.
This significant price increase indicates positive market sentiment and the possibility of enhanced business prospects for ICL.
The investment is considered as a strategic move that could lead to synergistic benefits for both the companies, potentially leading to future growth and expansion in the cement sector.
The move aims to secure approximately 23 per cent of the equity share capital of ICL, which is a notable strategic investment in the company.
The approved investment price is up to Rs 267 per share, making the total potential investment around Rs. 1,885.02 crore.
The Board's decision, taken in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlights UltraTech's intention to strengthen its position in the cement market through a substantial stake in ICL.
Despite a negative opening in the broader stock market, shares of India Cements rose 10 per cent, reflecting investor optimism about UltraTech's investment.
This significant price increase indicates positive market sentiment and the possibility of enhanced business prospects for ICL.
The investment is considered as a strategic move that could lead to synergistic benefits for both the companies, potentially leading to future growth and expansion in the cement sector.
