Markets await Ultra Tech’s listing

Markets await Ultra Tech’s listing
Published: 19 August 2004

Indian stock markets are anxiously waiting for the listing of AV Birla group’s Ultra Tech Cemco, the new cement company carved out of Larsen & Toubro. It is yet to be listed on the stock exchanges, though the open offer was completed two months ago.Brokers said the listing of Ultra Tech Cemco was delayed as the listing procedure for this company was very complex as it was carved out of an existing company and then re-listed. But marketmen are expecting the stock to be listed at a discount. ‘‘We are expecting the company to be listed between Rs 320 to Rs 340,’’ says a Mumbai-based cement analyst.