Shares of Jaiprakash Associates Ltd (JAL) surged nearly six per cent today after Ultratech Cement said that fair trade regulator Competition Commission of India has approved the merger of the cement maker with JAL and Jaypee Cement Corporation Ltd (JCCL).
The scrip gained 5.75 per cent to close at Rs 11.77 on BSE. During the day, it surged 7.81 per cent to Rs 12.
At NSE, shares of the company rose by 5.85 per cent to close at Rs 11.75.
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Shares of Ultratech Cement however, went down by 0.67 per cent to close at Rs 3,703.70 on BSE.
In March, Ultratech announced that it will acquire Jaypee Group's cement plants in Madhya Pradesh, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Andhra Pradesh with a total capacity of 21.20 million tonnes per annum at an enterprise value of Rs 16,189 crore.
"Competion Commission of India (CCI) has by its letter dated August 8, 2016, informed the company that it has approved the proposed combination under sub-section (1) of section 31 of the Competition Act, 2012. Copy of the CCI order is awaited," it had said in a regulatory filing yesterday.
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