Pilani Investment to sell UltraTech shares worth ₹1,952 crore
Offer at 3% discount to Wednesday’s close; cement major commits ₹10,255 crore for capacity expansion
Pilani Investment and Industries Corporation plans to sell a portion of its UltraTech Cement shares, raising ₹1,952 crore through a block deal on the screen-based trading platform. The company will issue 1.7 million shares at ₹11,481 per share, offering a 3% discount compared to Wednesday's closing price of ₹11,836. The bidding for the shares will commence on Thursday.
Pilani Investment currently possesses a 1.5% stake in UltraTech, while the promoter entities collectively own over 59% of the company. UltraTech Cement has earmarked ₹10,255 crore for fresh capital expenditure, aiming to expand its production capacity by 22.8 million tonnes per annum. This investment brings the company's total targeted cement capacity to more than 241 million tonnes per annum by the fiscal year 2027-28, as part of its ongoing multi-year growth strategy.
Additionally, UltraTech Cement has entered the wires and cables business with an allocated investment of ₹1,800 crore, set to commence operations around December. Comments should be in English and must adhere to TheHindu Businessline's community guidelines.
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