Delhi Delhi. UltraTech Cement got approval to buy stake in Star Cement from the company's promoters after shares jumped over 7 per cent on Star Cement (National Stock Exchange), according to UltraTech Cement's exchange filings. Shares of Star Cement Moved to touch a high of Rs 247.30 per share on Indian exchanges after shares hit the opening bell at Rs 240.00 per share.Star Cement shares were trading around Rs 236.78 per share, up 2.95 per cent or 6.78 per cent on the Indian bourse.
UltraTech Cements' stock exchange filing said the company's board of directors in its meeting today reviewed the proposal and authorized to invest up to 37 million equity shares of Star Cement in a non-controlling minority stake. , exclusive of STT, stamp duty and other levies. UltraTech Cement said the acquisition price for the 8.69 per cent stake will not exceed Rs 851 crore. The business anticipates completing the acquisition of Star Cement in a month.
In September 2024, net sales stood at Rs 396.67 crore, a decline of 34.13 per cent from Rs 602.23 crore in the same month last year. In September 2024, quarterly net loss stood at Rs. 37.87 crore, a decline of 203.1 per cent from last year's Rs. 36.73 crore. EBITDA is down 104.8 percent from Rs. Rs. 82.48 crore in the same quarter of last financial year. 3.96 crore in the September quarter of FY24.
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