India Cements hits fresh 52-week high after climbing nearly 14%; UltraTech Cement marks fresh peak
As UltraTech Cement in a major deal bought stake in India Cements, shares of both the companies saw sharp gains.
Shares of the smallcap cement manufacturer India Cements in early trade galloped up to 14 per cent in early trade and marked their new 52-week high of Rs 299 after UltraTech Cement’s board announced buying a 23 per cent stake in the company for Rs 267 per share in a deal valued at around Rs 1,885 crore.
“The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase upto 7.06 crores equity shares of The India Cements Limited, a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, (“ICL”) at a price of upto Rs. 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of ICL,” said UltraTech Cement’s filing.
On the development, shares of Kumar Mangalam-led UltraTech Cement also marked their fresh record high of Rs 11,875.95. Last seen, the stock traded higher by over 4 per cent at Rs 11,633.95.
Furthermore, in the pre-opening window, 20 per cent equity in India cements changed hands in India Cements.
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