Ultratech Cement Share News: UltraTech Cement Ltd. will buy 23% stake, or 7.06 crore shares, in N Srinivasan's India Cements Ltd., an exchange filing on Thursday said. The filing notes that the acquisition is a non-controlling investment. This implies that Ultratech Cement will not have a representative on the India Cements' board. As a corollary to this, an open offer for a 26% stake is unlikely to be made by Ultratech Cement. The leading cement maker will buy shares in India Cements at Rs 267 apiece in block deals, resulting in an enterprise value of Rs 10,800 crore. The enterprise value at this price is Rs 6,967 or $83.4 per tonne. Ambuja Cements Ltd. had recently bought Penna Cement at a higher enterprise value of $89.15 per tonne, acquiring full control of the Pune-based cement maker. Contrastingly, UltraTech will not acquire control in India Cements after its financial investment.
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