No intention to delist India Cements: UltraTech

New Delhi: India Cement Ltd (ICL) would remain a listed entity as the acquirer, UltraTech, has no intention to delist the South-based rival cement company, the Aditya Birla group firm said in a regulatory filing.

The ownership of the Indian Premier League (IPL) cricket team Chennai Super Kings (CSK), controlled by India Cements (ICL) promoters N Srinivasan and his family, will remain unchanged. Axis Capital, managing the open offer for UltraTech, in a copy of a public announcement, submitted to exchanges on Monday said, the leading cement player intends to acquire 8.05 crore shares of ICL, which is 26 per cent of the shareholding of the Chennai-based cement manufacturer.

“The acquirer does not have an intention to delist the target company (ICL) pursuant to this open offer,” it said.

The open offer is at a price of Rs390 per offer share aggregating to a total consideration of up to Rs3,142.35 crore, which will be subject to the receipt of the required statutory approval from fair trade regulator CCI. The offer price is 3.53 per cent higher as the shares of ICL were trading at Rs376.70 apiece on the BSE, up 0.56 per cent from the previous close.