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.
This story is from the June 28, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 28, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Air India cancels US flight to ferry T20 world champions
DGCA asks for 'factual report' from the airline
It's showtime for live entertainment
A heady cocktail of social media and youth craving for experiences has triggered a boom in live events. Can it last?
The fate of the compensation cess
In our piece yesterday, we reviewed the performance of the Goods and Services Tax (GST) over the past seven years, emphasising that the states did well but at the cost of a revenue sacrifice by the Centre.
Near-term headwinds seen for realty stocks
Analysts suggest cautious approach, advise against exiting completely
Strong outlook for AMCs but high valuations pose risk
Given gains in equity prices, it is not surprising that the earnings of asset management companies (AMCs) are growing quicker.
Sebi has strong case against Hindenburg, say lawyers
The Indian market regulator, the Securities and Exchange Board of India (Sebi), has a strong case against US-based short-seller Hindenburg Research, who the former has alleged to have traded based on unpublished price-sensitive information.
Sensex may hit 87K by year-end
Analysts advise investors to stay with largecaps
FMCG sector weight in Nifty 50 falls to lowest level since 2010
Weak financial results reason for waning investor interest: Analysts
Yin, yang and assumptions
India and China are two of the world's largest civilisations, countries and Leconomies.
Lagging indicator
Gender diversity in India Inc still sub-optimal
