After acquiring majority in India Cements, UltraTech has now approved acquiring ~8.69% equity stake of Star Cement.
- Approval is for 3.7 cr shares @ price/ share not exceeding Rs 235
- Total consideration is approved of Rs 851 cr (excluding STT, stamp duty and other levies)
- Shares are expected to be acquired from Star Cement Promoters who currently own 66.5% of the Company.
- Acquisition is planned to be executed within 1 month
The subject stake sale by the promoters to UltraTech seems to be in counter to the speculations of Adani group (through Ambuja Cement) interested in Star Cement. The Company had categorically denied being in any discussions with Ambuja Cement on December 4, 2024.