UltraTech Cement (Aditya Birla) has been successful in acquiring the equity shares of The India Cements Ltd having had receipt of approval from the Competition Commission of India (CCI).
UltraTech Cement announced on 28 July 2024 that Board of Directors of the company had approved the acquisition of 10,13,91,231 equity shares representing 32.72 per cent of the equity share capital of The India Cements Ltd held by the promoters, members of the promoter group and the other shareholder.
UltraTech’s Board of Directors also made an open offer for up to 80,573,273 equity shares constituting 26 per cent of the equity share capital of the target, at a price of INR390 (US$4.58) per equity share, from the public shareholders of the target in an open offer.
The CCI has by its letter dated 20 December 2024 unconditionally approved the primary acquisition and the open offer under section 31(1) of the Competition Act, 2002.
