India cements rallied 8.73% to Rs 285.0 after Ultratech Cement decided to acquire 23% stake at a price of upto Rs 267 per share.
Ultratech Cement jumped 2.81% to Rs 11,463 on the BSE.Ultratech cement will acquire 7.06 crore shares at Rs 267 per share. The cost of acquisition is estimated at Rs 1,885 crore. The said acquisition will be completed within one month.
Meanwhile the counter witnessed block deal in pre-market today, 27 June 2024. According to media reports about 6 crore equity shares or 20% stake sold in India Cements at an average price of Rs 265 per share.
UltraTech Cement is the cement flagship company of the Aditya Birla Group. It is the third largest cement producer in the world, outside of China, with a consolidated Grey Cement capacity of 152.7 mtpa.
India Cements business of the company is of manufacturing and sale of cement and cement related products.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
