CHENNAI: Close on the heels of the Competition Commission of India (CCI) approving UltraTech Cement‘s acquisition of India Cementsthe latter has introduced that it has turn into a subsidiary of UltraTech.
The growth will facilitate UltraTech including India Cements’ 14.5 million tonnes capability unfold throughout Tamil Nadu, Telangana, Andhra Pradesh, and Rajasthan to its consolidated manufacturing capability of about 155 million tonnes every year (MTPA) of grey cement.
In a regulatory submitting late on Tuesday night, India Cements stated, UltraTech Cement has acquired 10,13,91,231 fairness shares representing 32.7% of the fairness share capital of the corporate, in accordance with Regulation 22(2) of the Securities and Exchange Board. of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. UltraTech’s combination shareholding within the firm has elevated to 17,19,55,887 fairness shares representing 55.5% of the corporate’s fairness share capital together with current shareholding of 7,05,64,656 fairness shares (22.8%). Consequently, the corporate has turn into a subsidiary of UltraTech with impact from Dec 24, 2024, India Cements knowledgeable the inventory alternate.
In July this yr, India’s largest constructing supplies maker, Birla struck a take care of India Cements vice-chairman & MD N Srinivasan and his household to amass their cement enterprise for Rs 3,954 crore. On Dec 6, 2024, UltraTech Cement and India Cements knowledgeable the inventory alternate that notices have been obtained from the CCI over the latter’s takeover by billionaire Kumar Mangalam Birla’s firm. Last week, the honest commerce regulator gave its nod for the acquisition.
It could also be recalled that India Cements has been going through monetary points in current quarters. One of the most important cement producers in south India, the greater than 75-yr-outdated Chennai-headquartered firm is related to landmark initiatives together with the Pamban Bridge in Rameswaram, IIT Madras, and the Swami Vivekananda Rock Memorial in Kanyakumari.
