Aditya Birla Group acquired practically 23% stake in Indian Cements final month. UltraTech later described it as a “non-controlling monetary stake” earlier than saying will Acquired one other 32.72% stake within the firm from promoters and affiliate firms.
This triggered a compulsory open supply by UltraTech to Indian Cements shareholders to accumulate one other 26% stake within the firm. “The acquirer has no intention to delist the goal pursuant to this public providing,” UltraTech mentioned in a submitting with the change on Monday.
SuperTek Axis specified capital acted because the administrator of the general public supply and launched a proposal to accumulate 8,05,73,273 fairness shares of the corporate at a worth of Rs 390 per share. UltraTech additionally acquired shares from the promoters at this worth, with the preliminary 23% coming from buyers Radhakishan Damani Priced at Rs 268 every.
The general public providing worth is High quality It rose 4.6% to Monday’s closing worth of Rs 372.85. Nonetheless, since UltraTech first took a stake in Indian Cements in June, the corporate’s share worth has risen by greater than 42%. It holds practically 1 / 4 of the market share, however its presence in southern India is comparatively low. will strengthen the corporate’s presence within the area because it seems to be to take care of its dominant place in India.
