India Cements OFS to kick off today as UltraTech Cement eyes 6.5% stake sale
At the end of June quarter, UltraTech Cement held 25,25,29,160 shares or 81.49% stake in India Cements. To meet minimum public shareholding norms, it needed to pare its stake in India Cements to 75%.
- Aug 21, 2025,
- Updated Aug 21, 2025 8:55 AM IST
Shares of India Cements Ltd are in focus on Thursday morning as the offer for sale (OFS) by UltraTech Cement to sell 2.01 crore shares or 6.49 per cent stake in the cement maker is set to kick off today.
At the end of June quarter, UltraTech Cement held 25,25,29,160 shares or 81.49 per cent stake in India Cements. To meet with minimum public shareholding norms, it needed to pare its stake in India Cements to 75 per cent.
The stake sale will be carried out through an offer for sale (OFS), the cement major said. The floor price has been set at Rs 368 per share, while the offer window will remain open from August 21 to August 22.
The India Cements stock settled at Rs 370 on Wednesday and the floor price suggests just half-a-per cent discount.
UltraTech Cement had acquired India Cements last year, with the transaction concluding on December 25, 2024. In July 2024, UltraTech Cement had bought a 32.72 per cent stake in India Cements from promoters and their associates for Rs 3,954 crore. This triggered an open offer of Rs 3,142.35 crore for further 26 per cent stake from public shareholders.
In its recent earnings call, UltraTech Cement said India Cements is on a recovery path and growing and working as per the plan. UltraTech's CFO Atul Daga said capex will be undertaken for efficiency and productivity improvement going forward.
"Most of these projects will have an attractive payback period and will generate positive returns. Projects would include WHRS, speed modification, cooler upgrades, alternate fuel technologies to name just a few. Today, the cost of production is higher than average, but FY '28 will see substantial improvements in operating costs as we complete the capex program," he had said in the earnings call.
Today, only non-retail investors ca participate in the FOS. Participation of retail investors and for non-retail investors who choose to carry forward their unallotted bids from T day would be allowed on Friday, through a separate, designated window of BSE and NSE.
"We are increasing the renewable energy quotient with 21 megawatts of WHRS and 219 megawatts of renewable energy, thus taking the green power quotient for India Cements from 3 per cent to 86 per cent of their power requirement in FY '28, helping us reduce its carbon footprint," Daga noted.
UltraTech Cement on Wednesday said its Committee of Directors and Officers of UltraTech Cement Limited approved the sale of up to 2,01,12,330 equity shares of The India Cements Limited, representing 6.49 per cent of the issued and paid-up equity share capital of ICEM, by way of an offer for sale through the stock exchange mechanism, in accordance with applicable laws and the circulars issued by the Securities and Exchange Board of India and the stock exchanges.
Shares of India Cements Ltd are in focus on Thursday morning as the offer for sale (OFS) by UltraTech Cement to sell 2.01 crore shares or 6.49 per cent stake in the cement maker is set to kick off today.
At the end of June quarter, UltraTech Cement held 25,25,29,160 shares or 81.49 per cent stake in India Cements. To meet with minimum public shareholding norms, it needed to pare its stake in India Cements to 75 per cent.
The stake sale will be carried out through an offer for sale (OFS), the cement major said. The floor price has been set at Rs 368 per share, while the offer window will remain open from August 21 to August 22.
The India Cements stock settled at Rs 370 on Wednesday and the floor price suggests just half-a-per cent discount.
UltraTech Cement had acquired India Cements last year, with the transaction concluding on December 25, 2024. In July 2024, UltraTech Cement had bought a 32.72 per cent stake in India Cements from promoters and their associates for Rs 3,954 crore. This triggered an open offer of Rs 3,142.35 crore for further 26 per cent stake from public shareholders.
In its recent earnings call, UltraTech Cement said India Cements is on a recovery path and growing and working as per the plan. UltraTech's CFO Atul Daga said capex will be undertaken for efficiency and productivity improvement going forward.
"Most of these projects will have an attractive payback period and will generate positive returns. Projects would include WHRS, speed modification, cooler upgrades, alternate fuel technologies to name just a few. Today, the cost of production is higher than average, but FY '28 will see substantial improvements in operating costs as we complete the capex program," he had said in the earnings call.
Today, only non-retail investors ca participate in the FOS. Participation of retail investors and for non-retail investors who choose to carry forward their unallotted bids from T day would be allowed on Friday, through a separate, designated window of BSE and NSE.
"We are increasing the renewable energy quotient with 21 megawatts of WHRS and 219 megawatts of renewable energy, thus taking the green power quotient for India Cements from 3 per cent to 86 per cent of their power requirement in FY '28, helping us reduce its carbon footprint," Daga noted.
UltraTech Cement on Wednesday said its Committee of Directors and Officers of UltraTech Cement Limited approved the sale of up to 2,01,12,330 equity shares of The India Cements Limited, representing 6.49 per cent of the issued and paid-up equity share capital of ICEM, by way of an offer for sale through the stock exchange mechanism, in accordance with applicable laws and the circulars issued by the Securities and Exchange Board of India and the stock exchanges.