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UltraTech Cements to purchase 32.72% stake in India Cements

UltraTech Cement Ltd's board has approved a series of transactions to buy a 32.72 percent share in India Cements Ltd.

Prashant Bhardwaj by Prashant Bhardwaj
28 July 2024
in Business
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UltraTech Cements to purchase 32.72% stake in India Cements
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UltraTech Cement Ltd‘s board has approved a series of transactions to buy a 32.72 percent share in India Cements Ltd.

Ultratech initially acquired 22.77% stake in India Cements

Initially, in June, UltraTech bought a 22.77 percent interest in India Cements for Rs 268 each.

UltraTech would purchase an additional 32.72 percent ownership from the promoters and their partners for Rs 390 per share, totaling Rs 3,954 crore.

Also read: This Indian Stock surges after Budget 2024; All you need to know….

UltraTech’s total ownership in India Cements to go upto 55.49 per cent

This will increase UltraTech’s overall stake in India Cements to 55.49 percent, necessitating a mandated open offer under Sebi requirements.

As part of the compliance, UltraTech has made an open offer to purchase up to 8.05 crore shares, or 26% of the equity, from public shareholders at Rs 390 per share, for a total of approximately Rs 3,142.39 crore.

This offer price is 4 per cent higher than the closing price of India Cements on the previous Friday.

Also read: Budget 2024: Major funding to the states of Bihar and Andhra Pradesh

Furthermore, UltraTech Cement has entered into a share purchase agreement (SPA 2) to purchase 1.99 crore equity shares (6.44 percent of the equity share capital) from Rupa Gurunath, Trustee of Security Services Trust, and Rupa Gurunath, Trustee of Financial Service Trust, both members of the promoter group, for Rs 778.21 crore.

UltraTech will also buy 1,33,16,783 equity shares (4.30 percent of the equity share capital) from Sri Saradha Logistics Private Limited for Rs 519.35 crore.

These agreements, together known as the “Primary Acquisition,” are subject to statutory and regulatory approval.

Tags: India CementsUltraTech Cements
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