UltraTech Cement and Ambuja Cement
Birla Group’s cement company UltraTech to buy additional 32.72 per cent stake in India Cement Limited for Rs 3,954 crore. The board of directors of Aditya Birla Group on Sunday approved the proposal to buy 32.72 per cent stake from the promoters of India Cement Limited (ICL) at a price of Rs 390 per share. UltraTech disclosed this information to the stock exchanges on Sunday.
According to information provided to the stock exchanges, three share purchase agreements have been signed to purchase 32.72 per cent of the share capital of ICL from the promoter family and the holding entities led by Srinivasan N and Gurunath.
This company will own 55 shares
Once this Rs 3,954 crore deal is completed, UltraTech’s stake in ICL will be over 55 per cent. In such a situation, it will have to make an open offer as per the rules of the Securities and Exchange Board of India (SEBI). The board of directors of UltraTech has also approved an open offer to public shareholders at a price of Rs 390 per share. This price is 4.1 per cent higher than the closing price of ICL shares on last Friday at Rs 374.60.
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