UltraTech Cement Ltd has approved the sale of up to 6.49 per cent stake in The India Cements Ltd via an offer for sale (OFS), according to a stock exchange filing.
The company will offload 201.1m shares at a floor price of INR368 apiece, marginally below the previous close of INR370.25. The transaction size is estimated at INR74.01bn (US$8.5bn). Following the sale, UltraTech’s stake will fall to 75 per cent from 81.49 per cent. Shares of UltraTech ended 0.07 per cent higher at INR 12,872, while India Cements slipped 0.60 per cent to INR 371 on the National Stock Exchange.
