India Cements turns into subsidiary of UltraTech – Instances of India

CHENNAI: Shut at the heels of the Pageant Fee of India (CCI) approving UltraTech Cement‘s acquisition of India Cements, the latter has introduced that it has turn out to be a subsidiary of UltraTech.
The improvement will facilitate UltraTech including India Cements’ 14.5 million tonnes capability unfold throughout Tamil Nadu, Telangana, Andhra Pradesh, and Rajasthan to its consolidated manufacturing capability of about 155 million tonnes in keeping with annum (MTPA) of gray cement.
In a regulatory submitting past due on Tuesday night, India Cements mentioned, UltraTech Cement has obtained 10,13,91,231 fairness stocks representing 32.7% of the fairness proportion capital of the corporate, in keeping with Legislation 22(2) of the Securities and Trade Board of India (Really extensive Acquisition of Stocks and Takeovers) Laws, 2011. UltraTech’s combination shareholding within the corporate has higher to 17,19,55,887 fairness stocks representing 55.5% of the corporate’s fairness proportion capital together with current shareholding of seven,05,64,656 fairness stocks (22.8%). Because of this, the corporate has turn out to be a subsidiary of UltraTech with impact from Dec 24, 2024, India Cements knowledgeable the inventory change.
In July this yr, India’s greatest construction fabrics maker, Birla struck a take care of India Cements vice-chairman & MD N Srinivasan and his circle of relatives to obtain their cement industry for Rs 3,954 crore. On Dec 6, 2024, UltraTech Cement and India Cements knowledgeable the inventory change that notices were won from the CCI over the latter’s takeover through billionaire Kumar Mangalam Birla’s corporate. Final week, the truthful business regulator gave its nod for the purchase.
It can be recalled that India Cements has been going through monetary problems in fresh quarters. One of the crucial greatest cement producers in south India, the greater than 75-year-old Chennai-headquartered corporate is related to landmark initiatives together with the Pamban Bridge in Rameswaram, IIT Madras, and the Swami Vivekananda Rock Memorial in Kanyakumari.