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UltraTech Cement Acquires 23% Stake in The India Cements

UltraTech Cement Limited’s Board of Directors has approved the acquisition of a 23% stake in The India Cements Limited as a financial investment by the company. This information was made public by UltraTech Cement in its stock filing dated 27th June 2024.

According to the filing, UltraTech will purchase 7.06 crore equity shares of The India Cements at a price of up to Rs. 267 per share. This translates to an estimated investment of Rs. 1,885.02 crore by the company. Ultratech has mentioned cash as the mode of payment for acquiring The India Cements’ shares. Acquisition of these shares by UltraTech is expected to be completed in a period of one month.