India Cements promoter N. Srinivasan steps down as UltraTech completes acquisition
The Hindu
UltraTech acquires 32.72% stake in India Cements, leading to management changes and increased market share.
Leading cement maker UltraTech has completed the acquisition of promoters a 32.72% stake in India Cements Ltd, following which N. Srinivasan and other promoters of the South-based cement maker have stepped down.
The Aditya Birla Group firm has completed the acquisition of 10.13 crore equity shares of India Cements Ltd (ICL), representing 32.72% of the equity share capital of the company.
"This, together with the existing shareholding of 7.05 crore equity shares (22.77%) of the equity share capital of ICL, has resulted in the Company’s shareholding increasing to 17.19 crore equity shares representing 55.49% of ICL's equity share capital," UltraTech had informed in a late-night regulatory filing on Tuesday (December 24, 2024).
Consequently, ICL "has become a subsidiary of the Company" with effect from December 24, 2024, it added.
On Wednesday (December 25, 2024), ICL informed that pursuant to the completion of the transaction and due to the consequent cessation of control by the existing promoters over the company, N Srinivasan has stepped down as Vice Chairman and Managing Director.
Besides, his daughter Rupa Gurunath, wife Chitra Srinivasan and V.M. Mohan have also stepped down from the board of the company, according to a regulatory filing by ICL.
Moreover, "pursuant to the consummation of the Transaction on December 24 2024, UltraTech has acquired sole control of the company and has become the promoter of the company in accordance with the LODR Regulations", informed ICL.
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