India Cements share price jumped 11% to reach a new 52-week peak during Monday’s trading session after the announcement that the Competition Commission of India (CCI) has sanctioned UltraTech Cement Limited’s acquisition of The India Cements Limited.
The proposed arrangement involves UltraTech Cement Limited (UltraTech/Acquirer) purchasing 32.72 percent of the paid-up equity share capital of The India Cements Limited (India Cements/Target) from its promoters and promoter group members, as well as acquiring up to 26% of the paid-up equity share capital through an open offer.
