UltraTech Cement promoter Pilani Investment sells 0.85% stake for ₹2,896 crore
The transaction brings several institutional investors into the cement maker’s shareholder base, even as its promoter group retains majority ownership.
Pilani Investment and Industries Corporation, a promoter of UltraTech Cement, has sold a 0.85% stake in the company for Rs 2,896 crore through open market transactions on Thursday. The stake sale, conducted in 18 tranches, resulted in Pilani Investment and Industries Corporation's holding decreasing from 1.5% to nearly 1%, while the combined holding of promoters and promoter group entities fell to 58.49% from 59.33%.
Several domestic institutional investors, including HDFC Mutual Fund, ICICI Prudential MF, Kotak Mahindra MF, National Pension Insurance Fund, Aditya Birla Sun Life MF, and Canara HSBC Oriental Bank of Commerce Life Insurance, participated in the transaction, along with foreign investors JP Morgan and Norway's sovereign wealth fund, the Government Pension Fund Global.
The stake sale follows UltraTech Cement's recent acquisition agreement of a 26% stake in Solaris Horizon Energy, a company involved in renewable energy generation and transmission.
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