UltraTech Cement, an Aditya Birla Group company, has revised an open offer for acquisition in UAE-based RAK Cement. UltraTech has lowered its stake to 31.6% of the share capital of RAK Cement Co for White Cement and Construction Materials PSC to 25% - the exact percentage it currently owns.
The company will acquire 12.50 crore shares of RAKWCT, which is lower than the proposed 15.80 crore shares in an earlier offer. A filing on Tuesday confirmed about the transaction by UltraTech Cement Middle East Investments Ltd (UCMEIL), its wholly-owned subsidiary in UAE.
The initial offer, announced on May 27, 2024, had a 28-day validity period ending June 24, 2024. Earlier informed that UltraTech Cement had also announced its plan for UCMEIL to acquire a 29.39 per cent equity share of RAKWCT for about USD 101.10 million or roughly Rs 839.52 crore. Incorporated in September 1980, RAKWCT had posted a turnover of Rs 482.5 crore in the calendar year 2021.
This makes UltraTech Cement the largest grey cement maker in the country, with a consolidated equivalent grey cement capacity in the world of 152.7 million tonnes per.
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