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UltraTech's subsidiary divests its entire stake in two entities in Bangladesh

Capital Market 

UltraTech Cement announced that its wholly owned subsidiary, UltraTech Cement Middle East Investments in UAE has entered into a binding agreement with HeidelbergCement Bangladesh for divesting its entire shareholding in Emirates Cement Bangladesh and Emirates Power Company.

In terms of the agreement, UltraTech Cement Middle East Investments will divest its entire shareholding at an Enterprise Value of BDT equivalent of USD 29.5 million subject to obtaining necessary regulatory approvals in compliance with the laws of Bangladesh.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 13 2019. 10:00 IST