UltraTech board approves acquiring 23% stake in India Cements: CNBC-TV18 confirmed

UltraTech board approves acquiring 23% stake in India Cements: CNBC-TV18 confirmed

UltraTech Cement, India's largest cement company has announced that its board has approved the acquisition of nearly 23% stake in India Cements, confirming a CNBC-TV18 newsbreak.

UltraTech intends to acquire this stake at an average price of ₹267 per share.

India Cements Ltd. witnessed a large trade take place in the pre-market block window. As many as 6 crore shares or 19.4% of the total equity changed hands in the large transaction. The shares changed hands at an average price of ₹265 per share.

Sources with knowledge of the matter told CNBC-TV18 that UltraTech Cements, India's largest cement company is the likely buyer in this transaction.

Shares of India Cements had gained 14% on Wednesday. The stock has entered the F&O ban from today's session, which means no new positions can be created on the stock. The stock will also be excluded from the F&O segment at the end of the August series.

This is a developing story.