Ultratech Cement to Acquire Non-Controlling Stake in Star Cement for Up to Rs. 851.00 Crores

Ultratech Cement Ltd. has approved the acquisition of a non-controlling minority stake in Star Cement Limited. The stake, which is up to 3.70 crores equity shares, will be acquired at a price not exceeding Rs. 235/- per share, excluding STT; stamp duty and other levies. The proposed acquisition is not a related party transaction and the cost of acquisition is estimated to be not more than Rs. 851.00 crores. Star Cement Limited, which was incorporated on 2nd November, 2001, has a turnover of Rs. 2,910.66 crores as of 31st March, 2024. The acquisition is expected to be completed within one month.