UltraTech Cement to offload 6.5% stake in India Cements via OFS at Rs 368 floor price

UltraTech Cement Ltd on Wednesday announced that its Board has approved the sale of up to 2.01 crore shares of India Cements Ltd (ICL), representing a 6.49 per cent stake in the company.

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.

In a post-market exchange filing dated August 20, UltraTech Cement stated, “We wish to inform you that the Committee of Directors and Officers of UltraTech Cement Limited (‘MPS Committee’), at its meeting held today i.e. 20th August, 2025, has approved the sale of up to 2,01,12,330 equity shares of The India Cements Limited (‘ICEM’), 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.”

UltraTech Cement held 81.49 per cent stake in India Cements at the end of the June quarter of financial year 2026. Following the stake sale, its holding will reduce to 75 per cent.

Shares of India Cements closed 0.92 per cent lower at Rs 370 today. At this closing price, the 2.01 crore shares earmarked for sale would be worth more than Rs 744 crore.

In July 2024, UltraTech Cement had acquired a 32.72 per cent stake in India Cements from promoters and their associates for Rs 3,954 crore. It had also announced an open offer of Rs 3,142.35 crore to acquire a further 26 per cent stake from public shareholders.

The Competition Commission of India (CCI) cleared the acquisition in December 2024, following which the Aditya Birla Group company became the majority shareholder in its southern rival.

Separately, UltraTech Cement is on track to meet its capacity target of 200 million tonnes per annum (MTPA) in the current financial year -- a year ahead of schedule, Group Chairman Kumar Mangalam Birla told shareholders at the company’s annual general meeting on Tuesday.