UltraTech Cement completes acquisition of 32.72% stake in India Cements

Industry:    2 months ago

UltraTech Cement completed the acquisition of 32.72% stake in India Cements, an exchange filing by the company said on December 24.

As per the statement, UltraTech completed the acquisition of 10,13,91,231 equity shares representing 32.72% of the equity share capital of The India Cements Limited (ICEM), “in accordance with Regulation 22(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011”.

This, together with the existing shareholding of 7,05,64,656 equity shares (22.77%) of the equity share capital of ICEM, has resulted in the Company’s shareholding increasing to 17,19,55,887 equity shares representing 55.49% of ICEM’s equity share capital, the filing said.

Following the completion of the latest stake acquisition, India Cements became a subsidiary of UltraTech with immediate effect, it added.

It is worth mentioning here that UltraTech is the largest producer of cement in the country.

The Competition Commission of India had approved UltraTech Cement’s proposed acquisition of South-India based India Cements on December 20.

After acquiring a 23% non-controlling financial stake in India Cements in June, UltraTech acquired around 33% stake in the company in July and will also make an open offer to acquire an additional up to 26% stake in the company.

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