UltraTech Cement: UltraTech Cement Restricted has acquired about 23 per cent stake in India Cements Restricted. UltraTech introduced on Thursday, June 27 that it has made a big funding in India Cements Restricted. Beneath this, the corporate will purchase 7.06 crore fairness shares at a value of Rs 267 per share. With this acquisition, UltraTech will get 23 per cent stake in India Cements. The board of administrators of UltraTech has accepted this resolution within the assembly held on June 27, 2024. After this announcement of UltraTech, there was an higher circuit within the shares of India Cements.
Damani household holds 20.78 per cent stake in India Cements
A report by Enterprise Immediately stated that the funding made by UltraTech in India Cements Restricted is only monetary. It has no associated celebration transactions. The aim of this funding is to strengthen UltraTech’s presence within the cement trade. Radhakishan Shivkishan Damani and Gopikishan Shivkishan Damani held about 20.78 per cent stake in India Cements until the quarter ended March 2024.
India Cements shares hit higher circuit
After UltraTech introduced the acquisition of stake in India Cements, the inventory of India Cements hit an higher circuit of about 10 per cent within the home inventory market. Shares of India Cements rose 10 per cent to Rs 289.20 on BSE. The market cap of the corporate elevated to Rs 8962.63 crore. The inventory has gained 31.31 per cent in a single yr and seven.58 per cent in 2024. A complete of 625.11 lakh shares of the agency modified arms, producing a turnover of Rs 1662.34 crore on BSE.
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India Cement shares will likely be acquired in a month
India Cements Restricted was based in 1946. It’s headquartered in Chennai. The corporate has persistently carried out nicely with a turnover of Rs 5,112 crore in FY 2023–24, Rs 5,608 crore in FY 2022–23 and Rs 4,858 crore in FY 2021–22. The report states that the acquisition of India Cements’ stake is anticipated to be accomplished inside a month.
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