 "UltraTech gains on acquisition of cement units of Jaiprakash Associates")
Shares of UltraTech Cement were trading higher by 3% at Rs 2,616 on the National Stock Exchange (NSE) after the company said its board has approved a proposal for the acquisition of cement units of Jaiprakash Associates Limited (JAL) located in Madhya Pradesh.
The enterprise value of this acquisition has been agreed at Rs 5,400 crore, UltraTech Cement said in a statement.
The deal includes clinker capacity of 2.1 mt a year and cement-grinding capacity of 2.6 mt a year in Bela along with a captive power plant of 25 MW. Another 3.1 mt of clinker capacity and 2.3 mt of cement-grinding capacity in Sidhi will also be sold along with a 155-MW captive power plant, it added.
Meanwhile, shares of Jaiprakash Associates were up 2.5% at Rs 24.05 on the NSE. The stock has hit a high of Rs 24.70 and low of Rs 23.95 so far.
The enterprise value of this acquisition has been agreed at Rs 5,400 crore, UltraTech Cement said in a statement.
The deal includes clinker capacity of 2.1 mt a year and cement-grinding capacity of 2.6 mt a year in Bela along with a captive power plant of 25 MW. Another 3.1 mt of clinker capacity and 2.3 mt of cement-grinding capacity in Sidhi will also be sold along with a 155-MW captive power plant, it added.
Meanwhile, shares of Jaiprakash Associates were up 2.5% at Rs 24.05 on the NSE. The stock has hit a high of Rs 24.70 and low of Rs 23.95 so far.