The country’s leading cement company, Ultratech Cement, on Friday announced an investment of $ 10.11 million (about Rs 839.52 crore) for a 29.39 percent stake in RAK Cement Company of the United Arab Emirates (UAE). . The Aditya Birla Group company said in a information given to the stock exchange on Friday that it is a strategic investment for the company.
What did the company say?
UltraTech Cement said, “The Company’s wholly-owned subsidiary, UltraTech Cement Middle East Investment Ltd. (UCMEIL) has invested 29.39 per cent stake in RAK Cement Company for White Cement and Construction Materials PSC (RAKWCT). The company is listed on the Abu Dhabi and Kuwait stock exchanges.
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This deal is worth $ 10.11 million
According to UltraTech, this stake has been acquired with an investment of $ 10.11 million. With this, UCMEIL’s stake in the UAE-based company will increase to 29.79 per cent. RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in the calendar year 2021.
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Shares of UltraTech Cement
Let us inform that the shares of UltraTech Cement closed at Rs 6,714.00 on Friday. The stock was under selling pressure so far this year. The company’s shares have lost 13.08% in YTD.