UltraTech Acquires 32.72% Stake in India Cements for Rs 3,954 Cr
By Rediff Money Desk, New Delhi Jul 28, 2024 13:49
UltraTech Cement to acquire an additional 32.72% stake in India Cements Ltd for Rs 3,954 crore, increasing its stake to over 55%. The deal will trigger an open offer for public shareholders.
New Delhi, Jul 28 (PTI) Leading cement manufacturer UltraTech will acquire an additional 32.72 per cent stake in India Cements Ltd from the promoters of the South-based company for Rs 3,954 crore.
The board of the Aditya Birla firm on Sunday approved the proposal to acquire promoters' 32.72 per cent stake at Rs 390 per share, UltraTech said in a regulatory filing on Sunday.
It has entered into three share purchase agreements to acquire 32.72 per cent of the equity share capital of ICL from the promoter family led by Srinivasan N and Gurunath, along with the holding entities.
After the completion of the Rs 3,954 crore deal, UltraTech's stake in India Cements Ltd (ICL) will reach over 55 per cent, mandating it to go for an open offer as per the Sebi regulations.
The board UltraTech has also approved an "Open offer for up to 8.05 crore equity shares representing 26 per cent of the equity share capital of the target, at a price of Rs 390 per equity share from the public shareholders of Target," the filing said.
The price offered by UltraTech is 4.1 per cent higher than the ICL shares' closing price of Rs 374.60 last Friday. PTI KRH
KRH
The board of the Aditya Birla firm on Sunday approved the proposal to acquire promoters' 32.72 per cent stake at Rs 390 per share, UltraTech said in a regulatory filing on Sunday.
It has entered into three share purchase agreements to acquire 32.72 per cent of the equity share capital of ICL from the promoter family led by Srinivasan N and Gurunath, along with the holding entities.
After the completion of the Rs 3,954 crore deal, UltraTech's stake in India Cements Ltd (ICL) will reach over 55 per cent, mandating it to go for an open offer as per the Sebi regulations.
The board UltraTech has also approved an "Open offer for up to 8.05 crore equity shares representing 26 per cent of the equity share capital of the target, at a price of Rs 390 per equity share from the public shareholders of Target," the filing said.
The price offered by UltraTech is 4.1 per cent higher than the ICL shares' closing price of Rs 374.60 last Friday. PTI KRH
KRH
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 3.03 ( -4.72)
- 257562976
- Vodafone Idea L
- 15.98 (+ 5.13)
- 59384877
- Khoobsurat
- 1.87 (+ 4.47)
- 53564105
- Srestha Finvest
- 2.41 ( -1.23)
- 34967793
- NCL Research
- 1.01 ( -1.94)
- 27741245
MORE NEWS
Pilot Fatigue: Consecutive Flights, Long Duty...
A study reveals pilot fatigue is linked to consecutive night flights, long duty hours,...
DLF-GIC JV DCCDL Office Rental Income Rises 11%...
DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and GIC, saw its...
Angel Tax Removal for Startups Attracts...
India's Budget 2024-25 removes the angel tax for startups, aiming to attract...