India Cements Soars 10% As Ultratech Cement Acquires 23% Stake
The block deal is placed at Rs 267 per share, bringing the total potential investment to approximately Rs. 1,885.02 crore
Stocks of Indian Cements rose as much as 10 per cent in the Thursday trading session after the Adani Conglomerate firm, Ultratech Cement bought significant stake through a block deal.
Indian Cement stocks traded at Rs 287 with 9.63 gain in the afternoon session on the National Stock Exchange (NSE), while the stocks of Ultratech Cement also rallied nearly 3 per cent.
This significant price increase indicates positive market sentiment and the potential for enhanced business prospects for Indian Cements.
The block deal was placed at Rs 267 per share, bringing the total potential investment to approximately Rs. 1,885.02 crore.
UltraTech Cement Board of Directors, in a meeting held on Thursday, approved a financial investment to acquire up to 7.06 crore equity shares in The India Cements.
This move aims to secure approximately 23 per cent of Indian Cement’s equity share capital, marking a notable strategic investment in the company.
The Board's decision, made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlights UltraTech's intent to strengthen its position in the cement market through a substantial stake in Indian Cement.
The investment is perceived as a strategic move that could lead to synergistic benefits for both companies, potentially driving future growth and expansion in the cement sector.
