India Cements shares surge 8 pc
Source: Live Mint
New Delhi, Shares of India Cements ended 8 per cent higher on Monday after the Competition Commission of India cleared billionaire Kumar Mangalam Birla-promoted UltraTech Cement’s proposal to acquire a majority stake in the firm.
The stock soared 8.01 per cent to close at ₹366.15 on the BSE. During the day, it zoomed 11 per cent to ₹376.30.
At the NSE, it surged 7.71 per cent to settle at ₹365.30. Intra-day, the stock jumped 10.92 per cent to ₹376.20.
UltraTech Cement’s stock ended 0.28 per cent higher at ₹11,456.50 after climbing 1.40 per cent to ₹11,585.40 in intra-day trade on the BSE.
“The proposed combination envisages UltraTech Cement Ltd’s acquisition of 32.72 per cent of the paid-up equity share capital of India Cements Ltd from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd,” CCI said in a release on Friday.
The fair trade regulator also granted its clearance to UltraTech Cement to acquire up to 26 per cent of the paid-up equity share capital of India Cements by way of an open offer, it added.
UltraTech is engaged in the business of manufacturing and sales of grey cement, white cement, ready-mix concrete, clinker, and building products in India.
“Competition Commission of India approves UltraTech Cement Ltd’s acquisition of The India Cements Ltd,” the competition watchdog said.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
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