UltraTech to acquire 23% stake in India Cements

New Delhi, June 27 The country’s leading cement maker UltraTech on Thursday said it will acquire a 23 per cent stake in its Chennai-based rival India Cements Ltd for over Rs 1,900 crore in two tranches. UltraTech Cement has acquired...

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Updated At : 02:13 PM Jun 28, 2024 IST

New Delhi, June 27

The country’s leading cement maker UltraTech on Thursday said it will acquire a 23 per cent stake in its Chennai-based rival India Cements Ltd for over Rs 1,900 crore in two tranches.

UltraTech Cement has acquired 6,02,48,983 equity shares of India Cements, aggregating to 19.44% stake at a price of up to Rs 267 per share, the Aditya Birla Group flagship firm said in a regulatory filing. The value of the first transaction at the share price of Rs 267 per share is pegged at Rs 1,608.64 crore.

UltraTech to acquire 23% stake in India Cements

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