Mumbai: UltraTech Cement, On Thursday, June 27, announced that its board has approved the acquisition of a 23 percent equity stake in India Cements. UltraTech will purchase 7.06 crore shares of India Cements at Rs 267 per share, bringing the total deal value to approximately Rs 1,885 crore. On the same day, 20 percent of the equity stake in India Cements was sold through the block deal window.
India Cements stock jumped to an intraday high and a new 52-week high of Rs 298.8, and was trading up 11.11 percent at Rs 292 in the morning trade. It extended the previous session’s 14 percent gains.
On the other hand, UltraTech Cement share price jumped 5 percent to Rs 11,700 on the National Stock Exchange.