Mumbai, July 30: India Cement Ltd (ICL) would remain a listed entity as the acquirer, UltraTech, has no “intention to delist” the South-based rival cement company, the Aditya Birla group firm said in a regulatory filing.The ownership of the Indian Premier League (IPL) cricket team Chennai Super Kings (CSK), controlled by India Cements promoters N Srinivasan and his family, will remain unchanged.
Axis Capital, managing the open offer for UltraTech, in a copy of a public announcement, submitted to exchanges on Monday said, the leading cement player intends to acquire 8.05 crore shares of ICL, which is 26 per cent of the shareholding of the Chennai-based cement manufacturer.
“The acquirer does not have an intention to delist the target company (ICL) pursuant to this open offer,” it said. The open offer is “at a price of Rs 390 per offer share aggregating to a total consideration of up to Rs 3,142.35 crore”, which will be subject to the receipt of the required statutory approval from fair trade regulator CCI.