Star Cement shares jump 8% as UltraTech to pick 8.69% stake
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Shares of Star Cement rallied 8% to Rs 247.75 on the BSE on Friday after Aditya Birla Group company UltraTech announced it is buying approximately an 8.69% stake in Star Cement for about Rs 851 crore. "The Board of Directors of the Company at its meeting held today considered the proposal and approved making an investment to acquire non-controlling minority stake upto 3.70 crores equity shares of Star Cement at a price not exceeding Rs 235 per share, excluding STT; stamp duty and other levies," UltraTech said in a regulatory filing. It was stated that some promoters and promoter group entities of Star Cement propose to sell their equity holdings and have approached the company. Also read | Billion-dollar bruises in 2024! Reliance Industries among 27 stocks with highest drop in market value Media reports had earlier stated that Ambuja Cement, a part of the Adani Group, was in talks to acquire Star Cement as part of its expansion ...