UltraTech to acquire 32.72% additional stake in India Cement for Rs 3,954 cr

New Delhi: Leading cement manufacturer UltraTech will acquire an additional 32.72 per cent stake in India Cements Ltd from the promoters of the South-based company for Rs 3,954 crore.

The board of the Aditya Birla firm on Sunday approved the proposal to acquire promoters' 32.72 per cent stake at Rs 390 per share, UltraTech said in a regulatory filing on Sunday.

It has entered into three share purchase agreements to acquire 32.72 per cent of the equity share capital of ICL from the promoter family led by Srinivasan N and Gurunath, along with the holding entities.

After the completion of the Rs 3,954 crore deal, UltraTech's stake in India Cements Ltd (ICL) will reach over 55 per cent, mandating it to go for an open offer as per the Sebi regulations.

The board UltraTech has also approved an "Open offer for up to 8.05 crore equity shares representing 26 per cent of the equity share capital of the target, at a price of Rs 390 per equity share from the public shareholders of Target," the filing said.

The price offered by UltraTech is 4.1 per cent higher than the ICL shares' closing price of Rs 374.60 last Friday.