Question
Which company signed a Share Purchase Agreement to
acquire a 32.72% stake in India Cements Limited at Rs 390 per share in July 2024?ÂSolution
Ultra Tech Cement Limited, part of the Aditya Birla group, agreed to purchase a 32.72% additional stake in India Cements for Rs 3,954 crore at Rs 390 per share on 28th July 2024. This acquisition will increase UltraTech's total stake to 55.49%, making India Cements a subsidiary of UltraTech. The acquisition price was 4.1% higher than the closing share price of India Cements on 26th July 2024.
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