UltraTech to Acquire Majority Stake in India Cement Ltd

UltraTech Cement, part of the Aditya Birla Group, plans to acquire a 32.72% stake in India Cement Ltd (ICL) for Rs 3,954 crore. Following the acquisition, UltraTech will own up to 81.49% of ICL's equity, while Chennai Super Kings ownership remains unchanged. The open offer price is set at Rs 390 per share.

UltraTech Cement, a flagship company of the Aditya Birla Group, has announced its intention to acquire a 32.72% stake in India Cement Ltd (ICL) for Rs 3,954 crore. This move aims to bolster UltraTech's presence in the competitive Southern Indian cement market, especially in Tamil Nadu.

Notably, UltraTech has stated that it does not intend to delist ICL from the stock markets, reassuring stakeholders that ICL will remain a listed entity.

The acquisition will proceed through an open offer to purchase 26% of ICL's shareholding at Rs 390 per share, totaling Rs 3,142.35 crore, subject to regulatory approval. Post-acquisition, UltraTech could hold up to 81.49% of ICL if the offer is fully subscribed. Ownership of the IPL team Chennai Super Kings, controlled by ICL promoters, will remain unchanged.