UltraTech Cement's Strategic Stake Acquisition in India Cements Boosts Shares

Shares of India Cements rose significantly after the Competition Commission of India approved UltraTech Cement's acquisition of a majority stake. This move involves UltraTech purchasing 32.72% of India Cements' equity, followed by an open offer for an additional 26%. The acquisition aims to consolidate UltraTech's market position.

Shares of India Cements saw an impressive 11% surge on Monday morning following the nod from the Competition Commission of India (CCI). This approval allows billionaire Kumar Mangalam Birla's UltraTech Cement to acquire a majority interest in India Cements.

On the BSE, India Cements' stock soared to Rs 376.30, while at NSE, it surged by 10.92% to Rs 376.20. In tandem, UltraTech Cement's shares rose by 1.40% to Rs 11,585.40 on the BSE.

The accord entails UltraTech Cement's acquisition of a 32.72% stake in India Cements from its promoters and Sri Saradha Logistics Pvt Ltd, as per CCI. Additionally, it has been granted clearance to acquire another 26% via an open offer, bolstering UltraTech's growth in the cement industry.

(With inputs from agencies.)