UltraTech’s board on Wednesday has approved the sale of 6.49% stake in India Cements through this Offer for Sale (OFS) process.
The OFS will open for non-retail shareholders today and for retail shareholders on Friday.
Floor price of the OFS has been fixed at ₹368 per share, which is nearly the same as India Cements’ closing price on Tuesday.
The 6.49% stake sale will fetch ₹740 crore to UltraTech at the current price. With this sale, UltraTech will also be in compliance with the Minimum Public Shareholding (MPS) norms, bringing its stake down to 75% from 81.49% previously.
In its recent earnings call, UltraTech had highlighted that the southern market of the country could be the next North in terms of growth potential.
India Cements reported a positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of ₹83 crore in the June quarter, after multiple quarters of losses.
Shares of India Cements ended 0.6% lower on Wednesday, at ₹371. The stock has risen 8% in the last one month.
