New Delhi, Leading cement maker UltraTech Cement on Thursday said it will acquire about 23 per cent stake in Chennai-based India Cements Ltd for up to Rs 1,885 crore.
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.
Shares of UltraTech Cement were trading at Rs 11,680, up 4.76 per cent on the BSE, while shares of India Cement were trading at Rs 289.35, up 10.04 per cent on the 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.
Shares of UltraTech Cement were trading at Rs 11,680, up 4.76 per cent on the BSE, while shares of India Cement were trading at Rs 289.35, up 10.04 per cent on the BSE.
