The open offer by UltraTech Cement Ltd. to acquire a 26% stake in India Cements Ltd. is set to open on Sept. 19, 2024, the company announced on Friday. The Aditya Birla Group flagship company's proposed shareholding after the acquisition will be 55.49%.
The open offer is priced at Rs 390 per share, aggregating to a total consideration of up to Rs 3,142.4 crore. The offer will close on Oct. 3, according to the detailed public statement.
The company will be acquiring 8.05 crore shares, representing 26%, from public shareholders, with Axis Capital managing the open offer for UltraTech Cement. The cement maker has also announced that it has no plans to delist India Cements after the acquisition.
In the event of full acceptance of the initial public offer, UltraTech's proposed shareholding in ICL would constitute up to 81.49% of the equity share capital of the company.
The acquisition will allow the largest cement maker to expand its footprint in the fast-growing Southern cement market, particularly in Tamil Nadu.
In July, the company announced that it would acquire a 32.72% stake in India Cements from promoters and their associates for Rs 3,954 crore.
The ownership of Chennai Super Kings, a cricket team that plays in the Indian Premier League, currently held by the promoters of India Cements, including N Srinivasan and his family, will remain the same.
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