UltraTech to buy 23% stake in India Cements for an estimated Rs 1,885 crore; shares sold in block deals UltraTech Cement said on Thursday, 27 June that the company's board has approved the acquisition of a 23 percent equity stake in India Cements. UltraTech would buy 7.06 crore shares of India Cements at Rs 267 per share. That puts the total deal value at about Rs 1,885 crore. As much as 20 percent equity stake in India Cements was sold in the block deal window on Thursday, 27 June.
India Cements stock jumped to an intraday high and a new 52-week high of Rs 298.8, and was trading up 11.11 percent at Rs 292 in the morning trade. It extended the previous session's 14 percent gains.
On the other hand, UltraTech Cement share price jumped 5 percent to Rs 11,700 on the National Stock Exchange. The promoter group owns 28.42 percent stake in India Cements, whereas famed investor Radhakishan Damani and associates own 20.78 percent shareholding in the cement firm.
Source: Mint
