5 hours ago
HomeMarket NewsIndia Cements shares in focus as OFS for Ultratech to sell stake opens today
India Cements reported a positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of ₹83 crore in the June quarter, after multiple quarters of losses.
Shares of The India Cements Ltd., now a subsidiary of India's largest cement company UltraTech Cement Ltd. will be in focus on Thursday, August 21, ahead of the Offer For Sale (OFS) from its parent company.
UltraTech's board on Wednesday has approved the sale of 6.49% stake in India Cements through this Offer for Sale (OFS) process.
The OFS will open for non-retail shareholders today and for retail shareholders on Friday.
Floor price of the OFS has been fixed at ₹368 per share, which is nearly the same as India Cements' closing price on Tuesday.
The 6.49% stake sale will fetch ₹740 crore to UltraTech at the current price. With this sale, UltraTech will also be in compliance with the Minimum Public Shareholding (MPS) norms, bringing its stake down to 75% from 81.49% previously.
In its recent earnings call, UltraTech had highlighted that the southern market of the country could be the next North in terms of growth potential.
India Cements reported a positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of ₹83 crore in the June quarter, after multiple quarters of losses.
Shares of India Cements ended 0.6% lower on Wednesday, at ₹371. The stock has risen 8% in the last one month.
