UltraTech Cement Secures 8.7% Stake in Star Cement for ₹851 Crore

 

UltraTech Cement has acquired an 8.7% stake in Star Cement for ₹851 crore, as revealed in a recent regulatory filing. The announcement sent Star Cement’s shares soaring over 7% to ₹247.30 during early trading hours.

 

This deal involves the purchase of 3.70 crore shares at a maximum price of ₹235 per share, excluding additional levies like stamp duty and taxes. UltraTech’s Board approved the investment during a meeting held on Friday.

 

The acquisition marks a non-controlling minority stake in Star Cement. The move comes after Star Cement’s promoter group approached UltraTech with a proposal to sell their equity holding. Headquartered in Meghalaya, Star Cement is a leading cement manufacturer in India’s northeastern region.

 

In a related development, UltraTech Cement recently finalized its majority acquisition of India Cements, increasing its stake to 55.49%. This acquisition granted UltraTech sole control over the company, leading to the resignation of N Sriniv