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- By Aditya Pratap Singh
- Mon, 23 Dec 2024 12:22 PM (IST)
- Source:JND
India Cement Share Price: Shares of Indian Cement increased by 11% on Monday morning after the Competition Commission of India (CCI) approved billionaire Kumar Mangalam Birla-Ultratech Cement's plan to acquire a controlling interest. The stock rose 11% to Rs 376.30 on the Bahrain Bourse. It climbed 10.92% to Rs 376.20 on the NSE.
Ultratech Cement shares climbed 1.40% to Rs 11,585.40 on the Bahrain Bourse.
The proposed merger involves the acquisition of 32.72 per cent of the paid-up share capital of India Cements Limited (India Cements/Target) by Ultratech Cement Limited (Ultratech/Acquirer) from promoters and members of India Cements Group and Sree Promer Group," Saradha Logistics Pvt Ltd said in a statement on Friday.
The Fair Trade Regulatory Authority has approved Ultratech Cement through an open offer of up to 26 per cent of the paid-up share capital of India Cement. UltraTech is involved in the manufacturing and marketing of grey cement, white cement, ready-mix concrete, clinker, and building products in India.
The Competition Commission of India has approved the acquisition of The India Cements Ltd by Ultratech Cement Ltd, the competition watchdog said.
Agreements beyond a certain threshold require regulatory approval, which encourages unfair business practices and unfair competition in the market.
