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UltraTech to acquire Kesoram Cement
The Morning Standard
|December 01, 2023
ULTRATECH CEMENT has acquired the cement business of Kesoram Industries Limited, making entry into the southern markets.
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UltraTech Board on Thursday approved implementation of Kesoram demerger to UltraTech, country's largest cement manufacturer, and approved composite scheme for their shareholders and creditors. The deal size is not disclosed yet.
Post deal, UltraTech will issue 1 equity share for every 52 equity shares of Kesoram (face value of 10 each). For this, 59,74,301 new equity shares of UltraTech Cement will be issued to Kesoram shareholders.
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