No Board seat for UltraTech Cement in India Cements
Aditya Birla Group flagship company UltraTech Cement has announced the acquisition of a 23 percent stake in former BCCI president N Srinivasan-led India Cements Ltd for over Rs 1,900 crore as it looks to shore up capacity to compete against Adani Group. UltraTech Cement has acquired Damani-group’s stake in India Cements Ltd (ICL) through two block deals, according to a statement and stock exchange data. ICL promoters, however, will continue to be the largest shareholder with a 28.42 percent stake. UltraTech Cement, in a regulatory filing, said its board of directors has approved “making a financial investment to purchase up to 7.06 crores equity shares of India Cements Ltd”. This non-controlling financial investment constitutes around 23 percent of the equity share capital of India Cements.
