UltraTech Cement Ltd. on Wednesday said its committee of directors has approved the sale of up to 2.01 crore equity shares of The India Cements Ltd., representing a 6.49% stake.
The floor price for the offer for sale has been set at Rs 368 per share, which indicates a 0.5% decrease from the current closing price of Rs 370 on Wednesday, said India Cements in an exchange filing. The OFS is set to take place on Aug. 21-22.
UltraTech currently owns a 81.49% stake in the company, amounting to 25 crore shares. It is the only promoter of India Cements, as of the June quarter shareholding pattern.
UltraTech Cement had reporting a rise of 49% in consolidated net profit to Rs 2,226 crore in the April-June period, compared to Rs 1,494.82 crore in the corresponding period last year.
India's largest cement manufacturer's topline rose 13% to Rs 21,275.45 crore in the first quarter of current fiscal, compared to Rs 18,818.56 crore in the year-ago period.
The Aditya Birla Group company's consolidated sales volumes reached 36.83 million mt for the quarter. Energy costs were lower by 12% YoY, mainly on account of reduced fuel prices. Raw material costs marginally rose by 2%.
India Cements, with a capacity of 14.45 mtpa, had become a subsidiary of UltraTech on Dec. 25, 2024. UltraTech increased its grey cement capacity by 3.5 mtpa in Q1 FY26, bringing its total capacity to 192.26 mtpa.
Shares of UltraTech Cement closed 0.07% higher at Rs 12,872 apiece on the NSE, as compared to a 0.28% rise in the benchmark NSE Nifty 50.
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