Cement major UltraTech Cement Ltd., has decided to pick up 23% stake in the India Cements Ltd (ICL).
On June 27, UltraTech Board approved the move to purchase up to 7.06 crore equity shares of ICL for โน267 per share, it said in a regulatory filing.
This non-controlling financial investment constitutes around 23% of the equity share of ICL. The transaction is expected to be completed within a month.
Shares of ICL gained โน24.85 or 9.45% and was trading at โน287.80 on the BSE on Thursday, while UltraTech shares gained โน324.40 or 2.91% and was quoted at โน11,474.15.
Source: thehindu.com