MUMBAI: Ultratech Cement, the country’s largest cement maker, has announced a stake dilution of 2.01 crore shares of India Cements, representing 6.49% of its 81.49% stake in the company, through an offer for sale route with a floor price of Rs 368.
The committee of directors and officers of Ultrarech Cement at its meeting held on August 20, has approved the sale of up to 2.01 crore shares of The India Cements, representing 6.49% of its issued and paid-up equity share capital, by way of an offer for sale, the company, which is the third-largest cement maker in the world, ex-China, said in an exchange filing.
The Birla group company held 81.49% stake in India Cements as of end June 2025. After the stake sale, it will hold 75% stake.
India Cements shares closed nearly 1% lower at Rs 370. At the current market price, the 2.01 crore shares would be worth more than Rs 744 crore.
Ultratech had acquired 32.72% stake in the Chennai-based India Cements from promoters and their associates in a Rs 3,954 crore deal in July 2024. Besides, it had also announced a Rs 3,142.35-crore open offer to acquire an additional 26% stake from its shareholders.
On Tuesday, addressing the shareholders at the AGM, Birla group chairman Kumar Mangalam Birla said Ultratech Cement was expected to meet its capacity target of 200 million tonne in the ongoing financial year, a full year ahead of schedule.
"With nearly 70% of capex focused on growth, Ultratech is firmly on track to cross 200 mt annual capacity in FY26, a full year ahead of the original FY27 goal. This acceleration places us on an even stronger and more sustained growth trajectory for the years ahead," Birla said in his address.
As of the June quarter, Ultratech had an installed capacity of around 188.8 million tonne. This includes the recent acquisition of Kesoram Industries' cement business. Globally, including its international operations, Ultratech's consolidated capacity is around 192 mt.