In a filing to exchanges, Ultratech said, Krishna Holdings Pte. incorporated in Singapore and a subsidiary of the company’s wholly-owned subsidiary UltraTech Nathdwara Cement, has entered into a binding agreement for divesting its entire equity shareholding of 92.5% in Shandong Binani Rongan Cement.
As per the binding agreement, Ultratech said that Krishna will divest its entire shareholding at an Enterprise Value of RMB 845 Mn +/- Working capital adjustments on closing, an equivalent of approx. $120M subject to customary closing conditions and regulatory approvals in compliance with the local laws.
On Sensex, the stock has touched an intraday high and low of Rs3947.10 per piece and Rs3828 per piece respectively.