afaqs! news bureau

UltraTech Cement to acquire 23% stake in India Cements for Rs 1885 crore

The acquisition is expected to be completed within one month.

UltraTech Cement has announced that its board has approved the acquisition of an approximate 23% equity stake in India Cements. In a regulatory filing, UltraTech disclosed plans to purchase 7.06 crore shares of India Cements at a price of Rs 267 per share, amounting to a total acquisition cost of Rs 1,885 crore.

"The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase up to 7.06 crore equity shares of The India Cements, a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, (ICL) at a price of up to Rs 267 per share," the company stated in an exchange filing. The acquisition, it added, is expected to be completed within one month.

India Cements, a cement manufacturing company headquartered in Chennai, earlier this year acquired the cement business of Kesoram at an enterprise value of Rs 7,600 crore.

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