New Delhi: UltraTech Cement, a leading cement manufacturer, announced on Thursday its decision to acquire approximately 23% of Chennai-based India Cements Ltd for up to Rs 1,885 crore.
In a regulatory filing, UltraTech Cement stated that its board of directors approved the financial investment to purchase up to 7.06 crore equity shares of India Cements Ltd at a maximum price of Rs 267 per share. This strategic move represents about 23% of India Cements’ total equity share capital.
For the financial year 2023-24, India Cements reported a turnover of Rs 5,112 crore.
UltraTech Cement boasts a consolidated production capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement, supported by 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit, and 8 bulk packaging terminals.
On the Bombay Stock Exchange (BSE), UltraTech Cement’s shares were trading at Rs 11,680, reflecting a 4.76% increase, while India Cements’ shares saw a 10.04% rise, trading at Rs 289.35 per share.
