The Board of Ultra Tech Cement has approved investment for the acquisition of up to 3.70 crore non-controlling minority shares of Star Cement at a price not exceeding Rs 235 per share, excluding STT; Stamp duty and other levies
On Friday, Ultra Tech Cement opened 0.3 percent higher at Rs 11,490 apiece on the BSE, while it jumped nearly 5 percent to Rs 240.2 on the BSE.
Ultra Tech Cement on Friday said its board has approved the acquisition of 8.69 per cent stake in Star Cement for Rs 851 crore.
“The Board of Directors of the company in its meeting held today considered the proposal and approved to invest up to 3.70 crore equity shares of Star Cement for acquisition of non-controlling minority stake at Rs 235 per share. not exceeding, excluding STT; stamp duty and other levies,” Ultra Tech Cement said in a regulatory filing on Friday.
It said that some promoters and promoter group entities of Star Cement Limited have proposed to sell their equity holdings in Star Cement and have approached the company for the same.
On Friday, Ultra Tech Cement opened up 0.3 percent at Rs 11,490 on the BSE, while Star Cement rose nearly 5 percent to Rs 240.2 on the BSE.