Pilani Investment and Industries Corporation, one of the promoters of UltraTech Cement, sold nearly a 1% stake in the country's leading cement maker for Rs 2,896 crore through open market transactions on Thursday.
According to the block deal data on the BSE, Pilani Investment and Industries Corporation Ltd offloaded 25 lakh equity shares, representing a 0.85% stake in Mumbai-based UltraTech Cement Ltd.
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The shares were disposed of in 18 tranches at an average price of Rs 11,585 apiece, taking the combined deal value to Rs 2,896.25 crore.
Following the stake sale, Pilani Investment and Industries Corporation Ltd's holding has come down to nearly 1% from 1.5%, while the combined holding of promoters and promoter group entities fell to 58.49% from 59.33%.
Several domestic institutional investors, including HDFC Mutual Fund (MF), ICICI Prudential MF, Kotak Mahindra MF, National Pension Insurance Fund, Aditya Birla Sun Life MF, and Canara HSBC Oriental Bank of Commerce Life Insurance, participated in the transaction.
Foreign investors JP Morgan and Norway's sovereign wealth fund, the Government Pension Fund Global, also bought shares.
The buyers acquired an equal number of shares at the same price, according to the exchange data.
Shares of UltraTech Cement fell nearly 1% to close at Rs 11,750 apiece on the BSE.
The stake sale comes a day after UltraTech Cement announced agreements to acquire a 26% stake in Solaris Horizon Energy, a company engaged in renewable energy generation and transmission.
Last month, UltraTech Cement reported a 17.23% rise in its consolidated net profit to Rs 2,603.72 crore in the June quarter of FY27.
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It had posted a net profit of Rs 2,220.91 crore in the April-June period a year ago, the Aditya Birla group flagship firm said in a regulatory filing.
The company's revenue from operations was up 15.85% to Rs 24,648.20 crore in the June quarter of FY27 against Rs 21,275.45 crore in the corresponding quarter a year before, it added.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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