NEW DELHI: Indian Cements shares closed 8% higher on Monday after India’s Competition Commission approved a proposal by billionaire Kumar Mangalam Birla-driven UltraTech Cement to acquire a majority stake in the company.
The stock surged 8.01% to close at $366.15 Regarding BSE. During the day, it zooms in by 11% $376.30.
NSE shares surged 7.71% to close at $365.30. During the session, the stock rose 10.92% $376.20.
UltraTech Cement shares closed up 0.28% $Up 1.40% to 11,456.50 $BSE traded at 11,585.40 during the day.
“The proposed merger envisages UltraTech Cement Ltd acquiring 32.72 per cent of the paid-up share capital of India Cements Ltd from the promoters and promoter group members of India Cements and Sri Saradha Logistics Pvt Ltd,” CCI said in a press release on Friday.
The fair trade regulator also approved UltraTech Cement’s acquisition of up to 26% of the paid-up share capital of Indian Cements through a public offer.
UltraTech is engaged in the manufacturing and sales of gray cement, white cement, ready-mix concrete, clinker and construction products in India.
“The Competition Commission of India has approved the acquisition of India Cements Ltd by UltraTech Cement Ltd,” the competition watchdog said.
Transactions exceeding a certain threshold require approval from regulators, who will pay close attention to unfair business practices and promote fair competition in the market.
This article was generated from automated news agency feeds without any modifications to the text.