Photo used for representation purpose only.
| Photo Credit: Reuters
Cement major UltraTech Cement Ltd., has decided to pick up 23% stake in the India Cements Ltd (ICL).
On June 27, UltraTech Board approved the move to purchase up to 7.06 crore equity shares of ICL for ₹267 per share, it said in a regulatory filing.
This non-controlling financial investment constitutes around 23% of the equity share of ICL. The transaction is expected to be completed within a month.
Shares of ICL gained ₹24.85 or 9.45% and was trading at ₹287.80 on the BSE on Thursday, while UltraTech shares gained ₹324.40 or 2.91% and was quoted at ₹11,474.15.
