UltraTech to buy 23% stake in India Cements at Rs 267 per share

The Board of Directors of UltraTech Cement has approved making a financial investment to purchase up to 7.06 crore equity shares of India Cements Limited at a price of up to Rs 267 per share. This non-controlling financial investment constitutes around 23% of the equity share capital of India Cements.

India Cements is a company incorporated in 1946 under the Indian Companies Act, 1913, having its registered office in Chennai. The acquisition deal is expected to be completed within a period of one month.

In a filing to the bourses, UltraTech stated, “The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase up to 7.06 crore equity shares of The India Cements Limited (ICL), a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, at a price of up to Rs. 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of ICL.”

India Cements had reported a turnover of Rs 5,112 crore in FY2024, a decline from Rs 5,608 crore reported in FY 2023.

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