UltraTech will issue 14m new equity shares to the shareholders of Century Textiles and Industries, which will increase its equity capital to INR2.8bn (US$42m).
The deal is expected to be completed before February 2019. The acquisition will make UltraTech (inluding its overseas operations) the world's third-largest cement maker outside of China.
Khaitan & Co advised Aditya Birla Group's UltraTech on structuring its acquisition of the cement business of BK Birla group's Century Textiles and Industries. The firm also drafted the scheme of arrangement and other transaction documents including the implementation agreement and advice on regulatory approvals.
UltraTech’s board of directors approved the scheme of arrangement with Century, as did their respective shareholders and creditors.
