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UltraTech Cement shares will be in focus as the company plans to sell a 6.49% stake in The India Cements Limited via Offer for Sale. The sale involves 2.01 crore equity shares.
UltraTech Cement to sell stakes from the India Cements.
UltraTech Cement Shares Price: Aditya Birla Group’s UltraTech Cement shares will be in focus on Thursday, following the cement maker’s plans to offload 6.49 per cent stake of The India Cements via Offer for Sale. UltraTech Cement Limited on Wednesday said its Committee of Directors and Officers has approved the sale of up to 2.01 crore equity shares of The India Cements Limited (ICEM), representing 6.49% of the company’s paid-up equity share capital.
The divestment will be executed through an Offer for Sale (OFS) route on the stock exchange platform, in line with applicable regulations and guidelines issued by the Securities and Exchange Board of India (SEBI) and the stock exchanges.
UltraTech Cement had completed the acquisition of 10,13,91,231 equity shares, representing 32.72% of the equity share capital of The India Cements Limited (“ICEM”) last year in December.
This, together with the existing shareholding of 7,05,64,656 equity shares (22.77%) of the equity share capital of ICEM, had resulted in the Company’s shareholding increasing to 17,19,55,887 equity shares representing 55.49% of ICEM’s equity share capital.
Consequently, UltraTech has acquired sole control of ICEM and has become of the promoter of ICEM. ICEM has now become a subsidiary of the Company.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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