Star Cement shares jump 8% as UltraTech to pick 8.69% stake

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ETMarkets.comLast Updated: Dec 27, 2024, 09:49:00 AM IST

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Star Cement shares surged after UltraTech announced its plan to acquire an 8.69% stake for Rs 851 crore. The investment involves buying up to 3.70 crore equity shares at a price not exceeding Rs 235 per share. The deal is expected to complete within a month.

Shares of Star Cement rallied 8% to Rs 247.75 on the BSE on Friday after Aditya Birla Group company UltraTech announced it is buying approximately an 8.69% stake in Star Cement for about Rs 851 crore.

"The Board of Directors of the Company at its meeting held today considered the proposal and approved making an investment to acquire non-controlling minority stake upto 3.70 crores equity shares of Star Cement at a price not exceeding Rs 235 per share, excluding STT; stamp duty and other levies," UltraTech said in a regulatory filing.

It was stated that some promoters and promoter group entities of Star Cement propose to sell their equity holdings and have approached the company.

Also read | Billion-dollar bruises in 2024! Reliance Industries among 27 stocks with highest drop in market value

Media reports had earlier stated that Ambuja Cement, a part of the Adani Group, was in talks to acquire Star Cement as part of its expansion strategy in the Northeast, where Star Cement holds a significant market share.

However, Star Cement dismissed these reports, stating that they were speculative and clarifying that no such discussions were underway.

The acquisition is expected to be completed within one month and would be an all-cash deal.

Star Cement, the dominant player in the Northeast cement market, boasts an installed capacity of 7.7 million tonnes per annum (mtpa), with an integrated plant in Meghalaya and four additional grinding units. The company plans to expand its production capacity to 25 mtpa by 2030.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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