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UltraTech Cement gains on planning to sell stake in ECBL, EPCL to HeidelbergCement

UltraTech Cement is currently trading at Rs. 4157.95, up by 20.95 points or 0.51% from its previous closing of Rs. 4137.00 on the BSE.

The scrip opened at Rs. 4149.90 and has touched a high and low of Rs. 4169.50 and Rs. 4149.90 respectively. So far 3903 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 4903.90 on 27-May-2019 and a 52 week low of Rs. 3340.00 on 28-Jan-2019.

Last one week high and low of the scrip stood at Rs. 4254.70 and Rs. 4109.40 respectively. The current market cap of the company is Rs. 120063.48 crore.

The promoters holding in the company stood at 61.68%, while Institutions and Non-Institutions held 29.86% and 8.45% respectively.

UltraTech Cement is planning to sell its entire stake in Bangladesh- based Emirates Cement Bangladesh (ECBL) and Emirates Power Company (EPCL) to Germany’s HeidelbergCement for an enterprise value of $29.5 million (about Rs 211.48 crore). UltraTech Cement Middle East Investments (UCMEIL), UltraTech’s UAE-based wholly-owned subsidiary, has entered into a ‘binding agreement with HeidelbergCement Bangladesh for divesting its entire shareholding in ECBL and EPCL.

In terms of the agreement, UCMEIL will divest its entire shareholding at an enterprise value of BDT equivalent of $29.5 million subject to obtaining necessary regulatory approvals in compliance with the laws of Bangladesh.

UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India. It is also one of the leading cement producers globally. UltraTech as a brand embodies strength, reliability and innovation.

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