UltraTech To Buy 8.69% In Star Cement For Rs 851 Cr
The cement major will by pick up stakes from Rajendra Chamaria, who when asked for comments, did not deny the development, but refrained from divulging further details
UltraTech To Buy 8.69% In Star Cement For Rs 851 Cr
New Delhi/Kolkata: Leading cement producer UltraTech Cement on Friday said it will acquire a minority stake of 8.69 per cent from the promoters of Meghalaya-based Star Cement in a deal worth up to Rs851 crore. UltraTech Cement will by pick up stakes from Rajendra Chamaria and his family’s holdings, part of the promoter group, sources told PTI.
Only the Chamaria family is selling its stake in the company, while other promoters who control Century Ply remain committed and are not divesting any shares, the sources said. Rajendra Chamaria, when asked for comments, did not deny the development, but refrained from divulging further details.
“The Chamarias are gradually selling out and have approached co-promoters like Sajjan Bhajanka and Sanjay Agarwal. Currently, the Chamarias’ holdings are estimated to be around 13-14 per cent. Any new investor will not have a board seat,” the sources close to the development said.
