Leading cement manufacturer UltraTech Cement on Wednesday announced the acquisition of an additional 25 per cent stake in UAE-based RAKWCT, taking its total holding to 54.39 per cent.
Following this, UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) has "become a subsidiary" of UCMEIL, its step-down firm, according to a regulatory filing from UltraTech Cement.
Ultratech Acquisition
The acquisition was made by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE.
"The offer period was from May 28 2024 up to July 24 2024, during which UCMEIL acquired 12.50 crore shares representing 25 per cent of the share capital of RAKWCT," said the Aditya Birla group firm.
Upon conclusion of the meeting of the shareholders of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was announced on 10th July 2024. |
Upon conclusion of the meeting of the shareholders of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was announced on 10th July 2024.
Aggregrate Shares Rise To 54.39%
"Together with the existing shareholding in RAKWCT, UCMEIL's aggregate shareholding in RAKWCT stands increased to 54.39 per cent," it said adding, " Consequently, RAKWCT has become a subsidiary of UCMEIL with effect from July 10, 2024." Earlier on May 27, UltraTech had said it had made an offer to acquire a 31.6 per cent stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) and acquire 15.80 crore shares.
However, a month later Aditya Birla group firm UltraTech Cement revised it to 25 per cent. | Image: UltraTech (Representative)
However, a month later Aditya Birla group firm UltraTech Cement revised it to 25 per cent.
RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21, it added.
UltraTech has a consolidated capacity of 154.7 Million Tonnes Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.
