India Cements shares surge 8 pc

New Delhi, Dec 23 (PTI) Shares of India Cements ended 8 per cent higher on Monday after the Competition Commission of India (CCI) cleared billionaire Kumar Mangalam Birla-promoted UltraTech Cement's proposal to acquire a majority stake in the firm.
    The stock soared 8.01 per cent to close at Rs 366.15 on the BSE. During the day, it zoomed 11 per cent to Rs 376.30.
    At the NSE, it surged 7.71 per cent to settle at Rs 365.30. Intra-day, the stock jumped 10.92 per cent to Rs 376.20.
    UltraTech Cement's stock ended 0.28 per cent higher at Rs 11,456.50 after climbing 1.40 per cent to Rs 11,585.40 in intra-day trade on the BSE.
    "The proposed combination envisages UltraTech Cement Ltd's (UltraTech/acquirer) acquisition of 32.72 per cent of the paid-up equity share capital of India Cements Ltd (India Cements/target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd," CCI said in a release on Friday.
    The fair trade regulator also granted its clearance to UltraTech Cement to acquire up to 26 per cent of the paid-up equity share capital of India Cements by way of an open offer, it added.
    UltraTech is engaged in the business of manufacturing and sales of grey cement, white cement, ready-mix concrete, clinker, and building products in India.
    "Competition Commission of India approves UltraTech Cement Ltd's acquisition of The India Cements Ltd," the competition watchdog said.
    The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.

(This story has not been edited by THE WEEK and is auto-generated from PTI)