Realty stock Man Infraconstruction jumps after promoters stake raise. Details here
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Time of India
36 minutes ago
- Time of India
UltraTech to offload shares worth 740 crore in India Cements
CHENNAI: A little over a year after UltraTech Cement acquired India Cements, billionaire industrialist Kumar Mangalam Birla 's building materials flagship is set to sell Rs 740 crore worth of India Cements shares to comply with Sebi's minimum public shareholding norms. Currently, UltraTech owns 81.5% of India Cements, while the capital market regulator's rules mandate that listed companies must have at least 25% of their shares owned by the public. UltraTech will sell 6.5% of India Cements between Thursday and Friday, bringing its stake lower to 75%. It has fixed the floor price for the share sale at Rs 368 apiece, which is slightly lower than India Cements' Wednesday closing price of Rs 370 on the BSE. UltraTech's stake went over 75% after an open offer that was triggered when its holdings in India Cements crossed a specific threshold. The open offer for an extra 26% stake to India Cements' public shareholders was oversubscribed, which was a rare occurrence in such offers. According to Sebi rules, India Cements has until Feb 3, 2026, to ensure enough shares are held by the public. In June 2024, Birla first checked into India Cements by buying 24% from ace investor and DMart store founder Radhakishan Damani. A month later, he acquired 32.8% from India Cements founding family N Srinivasan and some of his relatives. The acquisition triggered Birla to make an open offer for another 26% to India Cements' public shareholders. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
an hour ago
- Time of India
UltraTech to sell up to 6.49% in India Cements through offer for sale
Mumbai: UltraTech Cement will sell up to 6.49% stake in India Cements through an offer for sale , the company informed the stock exchanges on Wednesday. India Cements is an independently listed subsidiary of UltraTech Cement, in which it held 81.49% stake at the end of the June quarter. UltraTech Cement will sell up to 20.1 million equity shares of the company, which will help it pare its stake to 75%, in line with the norms of the Securities and Exchange Board of India (Sebi). The sale will be conducted on August 21-22. The floor price for the offer will be ₹368, the company said. At this price, the stake sale is likely to bring in nearly ₹740 crore for UltraTech Cement. Agencies Chennai-based India Cements was acquired by UltraTech Cement in 2024. UltraTech Cement first bought out the promoters and their associates' stake in the company, followed by an open offer for shareholders, making India Cements its subsidiary at the end of December 2024. Live Events India Cements shares closed 0.92% down at ₹370 apiece on BSE on Wednesday, while those of UltraTech Cement ended flat at ₹12,860. UltraTech Cement is currently the largest producer of building material in the country, with an annual production capacity of 192.26 million tonnes for grey cement. The company is set to cross 200 million tonnes of production capacity in this financial year, ahead of its original schedule of 2026-27.
India.com
6 hours ago
- India.com
Anil Ambani's companies gets BIG boost, Reliance Infra, Reliance Power shares climb by…, in 2 days due to…
Shares of Anil Ambani's companies have been rising for a few days. Reliance Infrastructure and Reliance Power shares surged over 10% in just two trading sessions. Anil Ambani has faced years of financial struggles with most of his companies under stress. However, the recent gains are after getting new projects that have revived investor confidence. On the BSE, Reliance Infrastructure's stock rose 4.98% to Rs 288.60, while Reliance Power climbed 5% to Rs 47.70 over the past two days. Why Is Reliance Infrastructure Share Surging? Reliance Infrastructure received a Letter of Award from state-run NHPC for a major 390 MW solar power project with integrated battery storage. The battery system will have a storage capacity of 780 MWh. Once completed, Reliance Group will have the ability to generate 700 MWp of solar power and store 780 MWh of electricity, significantly boosting its clean energy portfolio. The company's 52-week high is Rs 425. Also Read: Big win for Anil Ambani, order classifying loan account as 'fraudulent' withdrawn by…, court disposes of… Why Reliance Power Share Price Climbed? Reliance Power already has a capacity of around 2.5 GW of solar power and 2.5 GWh of battery storage. It has now established a new company in Bhutan named GDL – Reliance Solar Pte Ltd (GRSPL). This venture is a subsidiary of Reliance Power and has been incorporated in Bhutan's Special Administrative Region (SAR) called Gelephu Mindfulness City. Also Read: Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to… Stories Highlights Anil Ambani Company share price surge Reliance Infra receives Project from NHPC Reliance Infrastructure share price high Reliance Power share price climb The entity is a joint venture (JV) between Green Digital Pvt Ltd (a Bhutan government company) and Reliance Enterprises Pvt Ltd (REPL). Reliance Power's 52-week high is Rs 76.49.
