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UltraTech Cement’s board approves investing to amass non-controlling minority stake upto 3.70 crores fairness shares of Star Cement at a worth not exceeding Rs 235 per share, excluding STT; stamp obligation and different levies
On Friday, UltraTech Cement opened 0.3 per cent increased at Rs 11,490 apiece on the BSE, whereas jumped almost 5 per cent to Rs 240.2 apiece on the BSE.
UltraTech Cement on Friday stated its board has accepted shopping for a non-controlling 8.69% stake in Star Cement price Rs 851 crore.
“The board of administrators of the Company at its assembly held immediately thought-about the proposal and accepted investing to amass non-controlling minority stake upto 3.70 crores fairness shares of Star Cement at a worth not exceeding Rs 235 per share, excluding STT; stamp obligation and different levies,” UltraTech Cement stated in a regulatory submitting on Friday.
It stated some promoter and promoter group entities of Star Cement Limited suggest to promote their fairness holding in Star Cement and have approached the corporate for a similar.
On Friday, UltraTech Cement opened 0.3 per cent increased at Rs 11,490 apiece on the BSE, whereas Star Cement jumped almost 5 per cent to Rs 240.2 apiece on the BSE.
