The cement company added that the share purchase will trigger a mandatory open offer at the same price of Rs 390 per share
India’s largest cement maker, UltraTech Cement, announced on Sunday that it will acquire a 32.72 per cent stake in India Cements from the southern entity’s promoters. The deal, valued at Rs 3,954 crore, will trigger an open offer which, if fully subscribed, will raise the total cost for UltraTech to Rs 7,100 crore.
In its Sunday statement, the Aditya Birla Group cement entity said that post signing of the share purchase agreements and obtaining regulatory approvals, UltraTech will pay Rs 3,954 crore at Rs 390 per share for buying the 32.72 per cent stake in India Cements from the promoters and their associates.
