GAGA Share Market News

[hfe_template id='11223'] [ad_1] Mumbai: UltraTech Cement's open offer for subsidiary India Cements has seen a rare oversubscription, thanks to its high offer price. Less than 5% open offers launched since 2015 in the country have been fully subscribed, data compiled by ET showed. The ₹390-per-share offer, open from January 8 to 21, was subscribed 110%. It will increase UltraTech's stake in India Cements to 81.49%. India Cements' shares closed at ₹295.15 on Friday, marking a nearly 22% gain in a year. "They were offering a very good value compared to the price at which they bought from the Damanis. So, ideally, anyone who has bought the shares at Rs 300 or below would like to tender their shares," said Mangesh Bhadang, analyst at Centrum Broking. UltraTech will now have to pare its holding in India Cements to less than 75% to comply with market regulator Securities and Exchange Board of India's minimum public shareholding norms. "We will no...

[hfe_template id='11223'] [ad_1] Shares of Indus Towers are likely to be in focus on Wednesday after the Competition Commission of India (CCI) approved Bharti Airtel's plan to increase its stake in Indus Towers, following the telecom infrastructure company's share buyback. "The Commission approves an increase in the percentage shareholding of Bharti Airtel Ltd (Bharti Airtel) in Indus Towers Ltd (Indus Towers) to 50.005% pursuant to buyback of shares by Indus Towers," CCI said in a release. The buyback, which began on August 14, involves purchasing over 5.67 crore shares at Rs 465 each, representing approximately 2.107% of the total equity shares. Currently, Bharti Airtel holds a 50% stake in Indus Towers, according to exchange data. The telecom infrastructure company reported a 71.7% year-on-year rise in consolidated net profit to Rs 2,224 crore for the September 2024 quarter. Notably, Q2 FY25 included a write-back of Rs 1,077 crore in provisions for d...