India Cements rises after India antitrust body clears UltraTech's stake buy

India Cements

23/12/2024 04:30

** India Cements shares  ICMN.NS  climb nearly 9% to ~369
rupees
    ** India's top cement maker UltraTech  ULTC.NS  up ~1% 
    ** India's competition watchdog clears UltraTech's 32.7%
stake buy in ICMN, announced on July 28 at 390 rupees/shr 
    ** That was a month after UltraTech bought a 23% stake for
267 rupees/shr
    ** UltraTech's 50%-plus stake now triggers an open offer to
buy more shares at 390 rupees/shr
    ** However, since the July-end deal, ICMN shares have traded
between 385-331 rupees, below offer price
    ** ULTC, meanwhile, has shed 2% since the July deal

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))