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In an exchange filing on Friday, December 27, UltraTech said that the shares were acquired at a price of ₹235 per share during the block deal window.
UltraTech said in its exchange filing that this is a non-controlling minority stake that it has acquired in Star Cement.
Star Cement is based out of the north-eastern state of Meghalaya and had reported an overall turnover of ₹2,910 crore in financial year 2024.
Earlier this week, UltraTech also completed the acquisition of a 32.72% stake in India Cements, thereby triggering an open offer for the company, which will be carried out at a price of ₹390 per share. With this acquisition, India Cements has become a subsidiary of UltraTech, adding 14.5 million tonnes to its production capacity.
Star Cement has a 7.7 MTPA grinding capacity, 6.1 MTPA clinker capacity, has a dealer network of close to 2,000 and a retailer network of over 12,500.
In the north-eastern market, Star Cement commands a 26.5% market share. Premium sales account for 10.6% of overall sales, according to its investor presentation it shared post the September quarter.
During the September quarter, Star Cement was declared as the preferred bidder for six limestone blocks in the Beawar district of Rajasthan. The blocks are estimated to have geological Limestone reserves of 63.9 million tonnes, over an area of 95.68 hectares.
The company also has two upcoming units in Silchar and Jorhat districts of Assam and has a capex plan of ₹380 crore for the second half of the current financial year.
Shares of Star Cement have opened close to 7% higher on Friday at ₹245.23. The stock has risen 40% so far in 2024.
Shares of UltraTech have opened 0.3% higher on Friday at ₹11,497. The stock is up 10% so far this year.
First Published: Dec 27, 2024 9:10 AM IST
