- By Aditya Pratap Singh
- Thu, 27 Jun 2024 10:46 AM (IST)
- Source:PTI
Cement major UltraTech Cement said on Thursday that it would buy a 23 percent stake in Chennai-based India Cements Ltd for up to Rs 1,885 crore. The company's board of directors approved a financial investment in India Cements Ltd, purchasing up to 7.06 lakh crore equity shares, in a meeting on Thursday, according to a regulatory filing by UltraTech Cement.
The deal will be priced at Rs 267 per share, according to the filing. This non-controlling financial investment represents approximately 23% of the capital of India Cement Company. India Cement Company had a turnover of Rs 5,112 crore in the fiscal year 2023-24. UltraTech Cement has a consolidated capacity of 152.7 million tons per year (MTPA) of gray cement.
It includes 24 integrated manufacturing units, 33 grinding units, one clinker extraction unit, and 8 bulk packing stations. Shares of UltraTech Cement traded at Rs 11,680, up 4.76 percent on the BSE, while shares of Indian Cement traded at Rs 289.35 per piece, up 10.04 percent on the BSE.
Share Market today
Benchmark indices declined in early trade on Thursday, following weak trends from Asian markets and foreign fund outflows. The 30-share BSE Sensex fell 149.41 points to 78,524.84 after hitting a new all-time high of 78,771.64 in early trade. The Nifty index dropped 47.45 points to 23,821.35 points. Amongst the 30 Sensex companies, Tech Mahindra, Mahindra & Mahindra, Larsen & Toubro, Maruti, Bharti Airtel, HCL Technologies, Tata Consultancy Services, and Nestle were the top losers. UltraTech Cement, Tata Steel, JSW Steel, and Reliance Industries were among the gainers.
