UltraTech Cement acquires majority stake in India Cements

UltraTech Cement will acquire an additional 32.72 per cent stake in India Cements from its promoters and their associates for Rs 39.54 billion. The transaction will be done at Rs 390 per share, increasing UltraTech’s stake in India Cements to 55.49 per cent.
Through the open offer, the company will buy up to 80.5 million shares, or 26 per cent of the equity, from public shareholders at Rs 390 per share, totalling approximately Rs 31.42 billion. Earlier, in June, UltraTech acquired a 22.7 per cent stake in India Cements by acquiring Radhakishan Damani Group’s shares through two block deals totalling Rs 18.89 billion. The transaction was then done at Rs 268 per share.