New Delhi, Jun 27 (PTI) Leading Cement maker UltraTech Cement on Thursday said it will acquire around 23 per cent stake in Chennai-based India Cements Ltd for up to Rs 1,885 crore.

The board of directors of the company at its meeting held on Thursday approved "making a financial investment to purchase up to 7.06 crores equity shares of the India Cements Ltd," a regulatory filing by UltraTech Cement said.

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The deal would be at "at a price of up to Rs 267 per share," and this non-controlling financial investment constitutes around 23 per cent of the equity share capital of India Cements, the filing said.

India Cements' turnover for financial year 2023-24 stood at Rs 5,112 crore.

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UltraTech Cement has a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.

Shares of UltraTech Cement were trading at Rs 11,680, higher by 4.76 per cent on the BSE, while shares of India Cements were trading at Rs 289.35 apiece, up 10.04 per cent on the BSE.

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