Cement Share Price: Shares of Chennai-based cement company India Cements witnessed a tremendous rise during the trading session today. UltraTech, the largest cement company in India, has recently acquired it. This surge in share prices was seen after the Competition Commission of India (CCI) approved the deal worth more than Rs 7,000 crore. Under this, Kumar Mangalam Birla’s company UltraTech Cement will acquire a major stake in India Cement.
For this reason Ultratech made the offer
CCI had issued a show cause notice on UltraTech Cement’s offer of Rs 3,142.35 crore to buy 26 percent stake from the shareholders of Bharat Cements. On this, UltraTech had said that in this era of competition the company wants to increase its capacity. This acquisition will help the company increase its lead in the market. According to this deal, the company will buy 10.13 crore equity shares of face value of Rs 10, which is equal to 32.72 percent stake of the company. The company made this deal with the promoters of India Cements and their associates.
Company wants to increase its presence in the south
The board of directors of UltraTech also made an open offer of 8.05 crore equity shares i.e. 26 percent stake to the public shareholders at a price of Rs 390 per share. On Friday, the price of India Cement was Rs 339 per share, compared to which the open offer was at 15 percent discount.
Earlier on July 28, UltraTech Cement had announced to acquire 32.72 per cent stake from the promoters of India Cements and their associates in a deal worth Rs 3,954 crore. Actually, the company is trying to increase its presence and strength in the cement market of South India. Apart from this, UltraTech has also made an open offer of Rs 3,142.35 crore to acquire 26 percent shares of India Cements from its shareholders.
This was the condition of the stock market today
During the trading session on Monday, shares of India Cements rose by 11 percent to reach a high of Rs 376.30, while in early trade the share price of UltraTech Cement increased by more than one percent and traded at a high of Rs 11,582.45. .
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