India Cements Stock Soars 11% on CCI Approval

23 Dec 2024 , 10:34 AM

Following the Competition Commission of India’s (CCI) approval of UltraTech Cement’s principal purchase and the open offer for a 32.72% equity stake in the former, shares of India Cements surged 11% to an intraday high of Rs 376.30 on the BSE.

On the BSE, UltraTech Cement’s shares rose 1.4% to reach their day’s high of Rs 11,585.40.
The primary acquisition of 10.14 crore (10,13,91,231) shares of The Indian Cements from the promoters and other shareholders was previously approved by UltraTech’s board.

Furthermore, at a price of Rs 390 per share, the corporation initiated an open offer to purchase 8.06 crore (8,05,73,273) shares from the general public.

In an exchange filing, UltraTech stated, “We now write to inform you that the CCI has unconditionally approved the Primary Acquisition and the Open Offer under Section 31(1) of the Competition Act, 2002 by its letter dated 20th December 2024.”

Over the past year, India Cement’s stock has up 47.12%, and so far this year, it has grown 41.77%. The same has increased by 1.23% over the last three months and by 4% over the past month.

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