india cements ultratech share price srinivasan sold promoter stake free float

UltraTech Cement/ India Cements: UltraTech Cement board approved the acquisition of India Cements. The company will acquire a total 32.72 per cent stake at Rs 390/sh for Rs 3,954 crore.  On Sunday on the back of several factors, Srinivasan sold the promoters stake in India Cements to UltraTech- a subsidiary of Kumar Mangalam Birla for a financial consideration of Rs 3,955 crore.

For an additional 26 per cent stake in the company, the company will be rolling out at open offer at a price of Rs 390 per share.

Zee Business Managing Editor has advised investors to buy the futures in India Cements with a stop loss of Rs 360 for a target price of Rs 390,405 and 415.

The expert says that after the open offer is executed Birla-led UltraTech Cement will hold a nearly 81 per cent stake in the entity. Further, the expert goes on to say that it is highly likely that it may get the shares in the open offer. This is as India Cements after a deal at Rs 390 commands a fair valuation of $110 per tonne, while UltraTech Cement still commands a nearly double valuation of around $210 per tonne. The experts further highights that at Rs 390, the stock of India Cements commands an attractive valuation.