UltraTech to buy 23% stake in India Cements for Rs 1,885 crore
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Aditya Birla Group-owned India's largest cement player UltraTech on Thursday announced that its board has approved picking up a 23% stake in India Cements for Rs 267 per share in a deal valued at around Rs 1,885 crore. "The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase upto 7.06 crores equity shares of The India Cements Limited (ICL)...at a price of upto Rs. 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of ICL," UltraTech said in a regulatory filing. The deal, which has been described as a "financial investment" by the Aditya Birla Group company, would be done in cash payment. Following the news, UltraTech shares rallied 6% to fresh record high of Rs 11,811 while India Cements shares zoomed 12.5% to new high of Rs 295.75. At the end of the March quarter, billionaire Radhakishan Damani...