Almost a month after making an offer to acquire 31.6 per cent in UAE-based RAKWCT, Aditya Birla group firm UltraTech Cement on Tuesday said it has revised the deal to 25 per cent. UltraTech had on May 27 said it had made an offer to acquire 31.6 per cent in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) and acquire 15.80 crore shares.
“This offer was revised to 12.50 crore shares of RAKWCT representing 25 per cent of the share capital of RAKWCT,” UltraTech Cement said in a regulatory filing on Tuesday.
The offer is made by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE, it said.
“The offer period ran for 28 days from 28th May, 2024 to 24th June, 2024,” it said.
On April 15, UltraTech had informed that UCMEIL will invest in 29.39 per cent equity share capital of ‘Ras al Khaimah Co. for White Cement and Construction Materials PSC’ (RAKWCT), a company listed on the Abu Dhabi stock exchange.
It had announced and investment of USD 101.10 million (around Rs 839.52 crore) for a 29.39 per cent equity that time.
RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21, it added.
UltraTech has a consolidated capacity of 152.7 million tonnes per annum of grey cement.
Source: Economic Times