Nearly a month after proposing to acquire 31.6 percent of UAE-based RAKWCT, Aditya Birla group firm UltraTech Cement announced on Tuesday that it has revised the offer to 25 percent. On May 27, UltraTech had stated it aimed to acquire 31.6 percent of RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), totaling 15.80 crore shares.
“This offer was adjusted to 12.50 crore shares of RAKWCT, representing 25 percent of RAKWCT’s share capital,” UltraTech Cement said in a regulatory filing on Tuesday. The offer is made by UltraTech Cement Middle East Investments Ltd (UCMEIL), a fully-owned subsidiary of the Indian cement company in the UAE, it said. “The offer period lasted for 28 days, from May 28, 2024, to June 24, 2024,” it added.
On April 15, UltraTech had announced that UCMEIL would invest in 29.39 percent equity share capital of ‘Ras al Khaimah Co. for White Cement and Construction Materials PSC’ (RAKWCT), a company listed on the Abu Dhabi stock exchange.
At that time, it had announced an investment of USD 101.10 million (around Rs 839.52 crore) for a 29.39 percent equity stake. RAKWCT was established in September 1980 and had a turnover of Rs 482.5 crore in 2021, it added. UltraTech has a consolidated capacity of 152.7 million tonnes per annum of grey cement.
