UltraTech Cement slips on block deal
~13.67mn shares, or about 11% of its equity was traded in a single transaction on the NSE.
Shares of UltraTech Cement have declined by over 4.5% to Rs726 after L&T offloaded its entire stake in the company to a group of investors. ~13.67mn shares, or about 11% of its equity was traded in a single transaction on the NSE.
Shares of L&T also were trading lower by 1.5% to Rs1605 after hitting an intra-day low of Rs1654 and Rs1586 recording volumes of over 1mn shares on NSE.
Grasim Industries the flagship cement firm of the Aditya Birla Group, along with associates, owns 54.78% in UltraTech and has the right of first refusal to acquire L&T’s stake. The latest development indicates that L&T has obtained the go-ahead from Grasim to sell the stake to other buyers.
L&T appointed Citigroup to be the main book runner for the deal.
source: Indiainfoline
Tags: best cement stocks, block deal in ultratech cement, block deals in nse bse, buy or sell cement stocks, nse bse cement stock, unltratech cement
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