The board of cement maker India Cements is going through a major shake-up following UltraTech Cement's ₹7,000-crore takeover. On December 25, several key figures, including CEO N Srinivasan, his family members, and other board members, stepped down immediately. This includes N Srinivasan's wife and daughter, as well as independent directors such as S Balasubramanian, Krishna Srivastava, and others.
Additionally, the company's Chief Financial Officer, R Srinivasan, will retire on January 1, 2025.
This restructuring comes after the Competition Commission of India (CCI) approved the Aditya Birla Group-owned UltraTech's acquisition of a 32.72 percent stake in India Cements on December 20.
UltraTech also made an open offer to buy additional shares from public shareholders. As of December 24, UltraTech completed the deal, boosting its total stake in India Cements to 55.49 percent, making it the largest shareholder.
Stock market reactions showed UltraTech's shares fell slightly, while India Cements' shares rose after the announcement.