India Cements shares rose more than 3% in early trade after its parent company, UltraTech Cement, announced a stake sale through the Offer for Sale (OFS) route. As of 9:19 AM, the shares were trading 3.58% higher at Rs 383.50.
UltraTech’s board has approved the divestment of a 6.49% stake in India Cements, which will be carried out via the OFS process. The issue opens for non-retail investors today, while retail investors will get their turn on Friday.
The floor price has been set at ₹368 per share, nearly unchanged from India Cements’ closing price on Tuesday. At this valuation, the stake sale is expected to fetch around ₹740 crore for UltraTech.
Following the transaction, UltraTech’s holding in India Cements will reduce from 81.49% to 75%, ensuring compliance with the Minimum Public Shareholding (MPS) norms mandated by SEBI.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
