UltraTech Cement Set to Open ICL Offer on September 19 – A Major Opportunity for Investors

                UltraTech Cement's Rs 3,142 crore open offer for acquiring a 26 per cent stake in India Cements Ltd (ICL) is scheduled to open on September 19 and close on October 3.
The Aditya Birla group flagship company plans to purchase 8.05 crore shares of ICL at Rs 390 each, according to the draft offer submitted to stock exchanges.
The offer price is approximately 6.3 per cent higher than ICL's closing price of Rs 366.90 on BSE. This mandatory open offer was triggered after UltraTech on July 28 announced its 
decision to acquire a 32.72 per cent stake in ICL from promoters and their associates for Rs 3,954 crore.
If fully subscribed, the open offer will total Rs 3,142.35 crore based on the Rs 390 price per share. UltraTech had earlier acquired a non-controlling stake of around 23 per cent in ICL 
through two block deals worth about Rs 1,900 crore.
Following this acquisition, UltraTech's total shareholding in ICL will rise to 55.49 per cent. The limited availability of limestone in Tamil Nadu has restricted the establishment of new 
integrated units in the state, with UltraTech's last such unit being acquired by Grasim Industries in August 1998. This transaction aims to expand UltraTech's footprint in the competitive 
and fast-growing southern market, notably in Tamil Nadu where its presence has been limited.

Source : The Economic Time