UltraTech Cement's Bold Move: Acquisition Clears Regulatory Hurdles

Shares of India Cements rose sharply after the Competition Commission of India approved UltraTech Cement's acquisition of a majority stake. The deal involves UltraTech acquiring a substantial share of India Cements, further solidifying its position in the cement industry.

Shares of India Cements surged on Monday, closing 8% higher following a green light from the Competition Commission of India (CCI) for UltraTech Cement's acquisition of a majority stake in the company.

The stock reached a peak of Rs 376.30 intra-day on the BSE and finished at Rs 366.15. At the NSE, it ended at Rs 365.30, after hitting an intra-day high of Rs 376.20.

UltraTech Cement is set to acquire 32.72% of India Cements' equity and has clearance to pursue an open offer for an additional 26%. The CCI's approval underscores its role in promoting fair market competition.

(With inputs from agencies.)