The transaction came two weeks after the Adani group's Ambuja Cements announced buying full control of Penna Cements, a South India based company, at an enterprise value of 10,422 crore. UltraTech, India's largest cement maker with a consolidated capacity of 152.7 million tonnes per annum (mtpa) of grey cement, bought 70.56 million shares of ICL at an average price of ₹268 apiece from billionaire investor Radhakishan Damani and his associated entities in two block deals. The firm said this was a "non-controlling financial investment".
N Srinivasan and other promoter groups of ICL will continue to be the largest shareholder in the company with a total stake of 28.42 per cent.
The shares of UltraTech Cement rallied 6 per cent to touch a fresh high of 11,811 in intraday trade on Thursday, before settling at ₹11,715 apiece. The India Cements shares closed at ₹293, up 11.49 per cent.
هذه القصة مأخوذة من طبعة June 28, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة June 28, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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