UltraTech Cement Acquires Significant Stake in India Cements

UltraTech Cement will acquire a 23% stake in India Cements for up to Rs 1,885 crore. The investment involves purchasing 7.06 crore equity shares at Rs 267 per share. India Cements' 2023-24 turnover was Rs 5,112 crore. UltraTech has a consolidated capacity of 152.7 MTPA. Shares saw notable increases.

UltraTech Cement is set to acquire around 23% stake in India Cements for up to Rs 1,885 crore. This major investment will involve purchasing up to 7.06 crore equity shares at Rs 267 per share, as per a regulatory filing by UltraTech on Thursday.

India Cements reported a turnover of Rs 5,112 crore for the financial year 2023-24. UltraTech Cement boasts a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement with 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit, and 8 bulk packaging terminals.

Following the announcement, UltraTech Cement shares were trading at Rs 11,680, up by 4.76% on the BSE, while India Cements shares surged by 10.04% to trade at Rs 289.35 apiece.

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