Shares of UltraTech Cement surged 3% on 26 June after the company announced its plans to acquire a stake in UAE-based RAK Cement (RAKWCT). 

On 27 May, the company announced that it had made an offer to acquire 18.8 crore shares, representing a 31.6% stake in RAKWCT. However, the company later announced that it had amended its offer. 

The filing added, “This offer was revised to 12.5 crore shares of RAKWCT representing 25% of the share capital of RAKWCT.”

The acquisition offer was made by the company’s wholly-owned subsidiary, UltraTech Cement Middle East Investments Limited, which has its main office in the United Arab Emirates. 

The company announced its plans to acquire a 29.39% stake in RAKWCT on 15 April 2024. 

UltraTech Cement reported a 35% increase in net profit for the quarter that ended in March, which is above projections. This is due to lower operating expenses and high demand for building materials.

The stock of UltraTech Cement has gained by 35% over the past year, compared to a 25% increase in the main index.

At 1:25 pm, the shares of UltraTech Cement were trading 2.55% higher at Rs 11.123.10 on NSE.