New Delhi Leading cement manufacturer UltraTech Cement on Wednesday blazoned the accession of an fresh 25 per cent stake in UAE- grounded RAKWCT, taking its total holding to 54.39 per cent. Following this, UAE- grounded RAK Cement Co for White Cement and Construction Accoutrements PSC( RAKWCT) has “ come a attachment ” of UCMEIL, its step-down establishment, according to a nonsupervisory form from UltraTech Cement.
The accession was made by UltraTech Cement Middle East Investments Ltd( UCMEIL), a wholly- possessed attachment of the Indian cement maker in the UAE. July 24 2024, during which UCMEIL acquired12.50 crore shares representing 25 per cent capital of RAKWCT, ” said the Aditya Birla group establishment.
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 blazoned on 10th July 2024. UCMEIL’s shareholding in RAKWCT stands 54.39 per cent, RAKWCT a attachment of UCMEIL with effect from July 10, 2024., UltraTech offer to acquire a 31.6 per cent stake in UAE- grounded RAK Cement Co for White Cement and Construction Accoutrements PSC( RAKWCT) and acquire 15.80 crore shares.
Still, a month latterly Aditya Birla group establishment UltraTech Cement revised it to 25 per cent. RAKWCT was incorporated in September 1980 and had a development of Rs.482.5 crore in CY21, it added. UltraTech has a consolidated capacity of 154.7 Million Tonnes Per Annum( MTPA) of slate cement.