UltraTech to offload shares worth 740 crore in India Cements

CHENNAI: A bit over a 12 months after UltraTech Cement acquired India Cements, billionaire industrialist Kumar Mangalam Birla’s constructing supplies flagship is about to promote Rs 740 crore worth of India Cements shares to adjust to Sebi’s minimal public shareholding norms. Currently, UltraTech owns 81.5% of India Cements, whereas the capital market regulator’s guidelines mandate that listed firms will need to have at the least 25% of their shares owned by the general public. UltraTech will promote 6.5% of India Cements between Thursday and Friday, bringing its stake decrease to 75%. It has mounted the ground worth for the share sale at Rs 368 apiece, which is barely decrease than India Cements’ Wednesday closing worth of Rs 370 on the BSE. UltraTech’s stake went over 75% after an open supply that was triggered when its holdings in India Cements crossed a particular threshold. The open supply for an additional 26% stake to India Cements’ public shareholders was oversubscribed, which was a uncommon prevalence in such affords. According to Sebi guidelines, India Cements has till Feb 3, 2026, to guarantee sufficient shares are held by the general public. In June 2024, Birla first checked into India Cements by shopping for 24% from ace investor and DMart retailer founder Radhakishan Damani. A month later, he acquired 32.8% from India Cements founding household N Srinivasan and a few of his kin. The acquisition triggered Birla to make an open supply for an additional 26% to India Cements’ public shareholders.