UltraTech Cement on Wednesday announced the acquisition of an additional 25 per cent stake in UAE-based cement company RAKWCT, taking its total holding to 54.39 per cent.
Following this, RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) has “become a subsidiary” of UCMEIL, according to a regulatory filing by UltraTech Cement.
UltraTech Cement Middle East Investments Ltd (UCMEIL) is a wholly-owned subsidiary of the Indian cement maker in the UAE.
“The offer period was from May 28 to July 24, during which UCMEIL acquired 12.50 crore shares representing 25 per cent of the share capital of RAKWCT,” said the Aditya Birla group firm.
Upon conclusion of the meeting of the shareholders of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was announced.
“Together with the existing shareholding in RAKWCT, UCMEIL’s aggregate shareholding stands increased to 54.39 per cent,” it said.
Earlier on May 27, UltraTech said it had made an offer to acquire a 31.6 per cent stake or 15.80 crore shares of RAKWCT. However, a month later it was revised to 25 per cent.
