UltraTech Cement to Invest Upto Rs. 187 Crores in The India Cements Limited

UltraTech Cement Limited announced its decision to invest in the equity share capital of The India Cements Limited. The Board of Directors approved the purchase of up to 7.06 crores equity shares at a price of upto Rs. 267/- per share, which constitutes around 23% of the equity share capital of ICL. This is a non-controlling financial investment and is not a related party transaction. The India Cements Limited is a cement company incorporated under the Indian Companies Act, 1913, with its registered office in Chennai. The objects and effects of this acquisition include financial investment and the cost of acquisition is up to Rs. 267/- per share. The company will hold approximately 23% of the shares of The India Cements Limited after the acquisition. The India Cements Limited has a history of manufacturing and selling cement and has a significant presence in India.