UltraTech Cement is likely to acquire the cement business of Kesoram Industries on a share swap basis. The deal size has not been disclosed. The demerger and merger will help Kesoram Industries in deleveraging the balance sheet by reduction of debt and outflow of interest, and unlock the value in cement business.
As per the proposed deal, about 59,74,301 new equity shares of UltraTech will be issued to the shareholders of Kesoram Industries. This will increase UltraTech’s equity capital to Rs 2.94 billion consisting of 0.29 billion equity shares of Rs 10 each.
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