New Delhi: Shares of India Cements Ltd jumped over 11 per cent on Thursday after leading cement maker UltraTech Cement said it will acquire around 23 per cent stake in the Chennai-based firm for up to Rs 1,885 crore.
The stock soared 13.70 per cent to hit the 52-week high of Rs 299 during the day on the BSE. It ended at Rs 293.15, up 11.49 per cent.
On the NSE, the stock zoomed 11 per cent to settle at Rs 291.75. During the day, it climbed 13.77 per cent to Rs 298.80 — the 52-week high.
The company’s market valuation went up by Rs 935.9 crore to Rs 9,084.64 crore.
Shares of UltraTech Cement also jumped 5.07 per cent to settle at Rs 11,714.80 on the BSE. Intra-day, it zoomed 6.51 per cent to hit the one-year peak of Rs 11,875.95.
At the NSE, the stock climbed 5.44 per cent to Rs 11,749.85.
Its market valuation moved up by Rs 16,318.77 crore to Rs 3,38,203.13 crore.
The board of directors of the company at its meeting held on Thursday approved “making a financial investment to purchase up to 7.06 crore equity shares of the India Cements Ltd,” a regulatory filing by UltraTech Cement said.
The deal would be at “at a price of up to Rs 267 per share,” and this non-controlling financial investment constitutes around 23 per cent of the equity share capital of India Cements, the filing said.
India Cements’ turnover for financial year 2023-24 stood at Rs 5,112 crore.
UltraTech Cement has a consolidated capacity of 152.7 Million Tonne Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.
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