UltraTech Cements Ltd., India’s largest cement company informed the exchanges on Friday that its Open Offer to acquire another 6.7% stake in India Cements will open on September 19.

The Open Offer will close on October 3, 2024, UltraTech said in an exchange filing.

Last week, UltraTech had announced that it will acquire the 32.72% stake from promoters of India Cements at ₹390 per share. It had earlier acquired 22.77% equity via block deals at a price of ₹268 per share in June 2024. The stake purchase triggered the mandatory open offer, which will also be carried out at a price of ₹390 per share.

The deal is said to be positive for UltraTech as it is gives them capacity, taking it closer towards its 200 MTPA goal.

UltraTech is currently the third-largest cement producer globally, excluding China, with a total grey cement capacity of 154.86 MTPA.

Shares of UltraTech Cement are trading 1.8% lower at ₹11,773.4. The stock has risen 12.5% so far in 2024.

Shares of India Cements though have surged to the day’s high, currently trading 2.5% higher at ₹372.3. The stock is up 31% in the last one month.

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