UltraTech Cement trades higher on getting CCI`s nod to acquire Kesoram Cement business from Kesoram Industries
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UltraTech Cement is currently trading at Rs. 9470.00, up by 14.00 points or 0.15% from its previous closing of Rs. 9456.00 on the BSE.
The scrip opened at Rs. 9465.65 and has touched a high and low of Rs. 9529.45 and Rs. 9450.00 respectively. So far 1227 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 10522.65 on 29-Dec-2023 and a 52 week low of Rs. 7,240.00 on 21-Mar-2023.
Last one week high and low of the scrip stood at Rs. 9750.00 and Rs. 9435.00 respectively. The current market cap of the company is Rs. 275006.33 crore.
The promoters holding in the company stood at 59.96%, while Institutions and Non-Institutions held 31.93% and 7.60% respectively.
UltraTech Cement has received approval from Competition Commission of India (CCI) to acquire Kesoram Cement business from Kesoram Industries. Kesoram Industries is engaged in the manufacture of grey cement through the Kesoram Cement Business. The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries by UltraTech Cement pursuant to a composite scheme of arrangement dated November 30, 2023.
In November last year, UltraTech Cement disclosed it was set to acquire the cement business of BK Birla Group's flagship company Kesoram Industries in an all-share deal, with a business valuation of approximately Rs 7,600 crore, including debt.
UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India.
