UltraTech must sell 7% stake in India Cements to meet minimum public shareholding rules
CHENNAI | MUMBAI: India Cements’ new promoter, UltraTech Cement, will need to sell about 7 per cent of its stake, worth over Rs 667 crore, to meet the minimum public shareholding rules set by the capital market regulator. UltraTech currently owns about 82 per cent of India Cements, and the rules mandate that listed companies must have at least 25 per cent of their shares owned by the public. UltraTech’s stake went over 75 per cent after an open offer that was triggered when its holdings in India Cements crossed a specific threshold. The open offer for an extra 26…