UltraTech Cement's open offer for ICL is to open on September 19
UltraTech Cement's open offer of Rs 3,142 crore to acquire a 26 percent stake in India Cements Ltd. (ICL) is anticipated to commence on September 19 and conclude on October 3. The Aditya Birla Group flagship company has proposed to buy 8.05 crore shares of ICL at Rs 390 per share, a draft proposal submitted to the stock exchanges stated.
The offer is 6.3 percent higher than ICL's closing price of Rs 366.90 on the BSE. The mandatory open offer was triggered when UltraTech announced on July 28 that it would buy a 32.72 percent stake in ICL from the promoters and their associates for Rs 3,954 crore.
If fully subscribed, the open offer will be worth Rs 3,142.35 crore at a price of Rs 390. Earlier, UltraTech had acquired a non-controlling stake of about 23 percent in ICL for about Rs 1,900 crore through two block deals. UltraTech's shareholding will increase to 55.49 percent after the acquisition of a 32.72 percent stake in ICL from the promoters and their associates.
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