UltraTech Buys 8.69% Stake in Star Cement For Rs 851 Crore; Shares Jump – News18
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UltraTech Cement’s board approves 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
On Friday, UltraTech Cement opened 0.3 per cent higher at Rs 11,490 apiece on the BSE, while jumped nearly 5 per cent to Rs 240.2 apiece on the BSE.
UltraTech Cement on Friday said its board has approved buying a non-controlling 8.69% stake in Star Cement worth Rs 851 crore through a block deal. The acquisition is expected to improve UltraTech Cement’s presence in the northeastern region of the country.
“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 Cement said in a regulatory filing on Friday.
It said some promoter and promoter group entities of Star Cement Limited propose to sell their equity holding in Star Cement and have approached the company for the same.
On Friday, UltraTech Cement opened 0.3 per cent higher at Rs 11,490 apiece on the BSE, while Star Cement jumped nearly 5 per cent to Rs 240.2 apiece on the BSE.
A debt-free company, Star Cement is present in Bihar, Meghalaya, Assam and the other northeastern states. By 2030, the company targets 25 million tonne capacity.
Currently, the operational capacity of UltraTech Cement is 150 million tonnes. Recently, Kumar Mangalam Birla said that the Aditya Birla group company will cross 200 million tonnes in 2027.
