Ultratech Cement stock witnessed huge sell-offs in early deals of Friday after the company completed the divestment of controlling stake in Shandong Binani Rongan Cement. On Sensex, Ultratech stock plunged by as much as 3.7% with an intraday low of Rs4,001 per piece.
On Thursday, Ultratech informed exchanges saying, “We hereby confirm that the divestment process of Shandong Binani Rongan Cement Co. Ltd. has been completed upon receipt of all regulatory approvals”.
Earlier on July 07, Krishna Holdings a wholly-owned subsidiary UltraTech Nathdwara Cement, incorporated in Singapore, entered into a binding agreement for divesting its entire equity shareholding of 92.5% in Shandong Binani.
Krishna’s divestment involved its entire shareholding at an Enterprise Value of RMB 845 Mn +/- Working capital adjustments on closing, equivalent of approximately $120M.
At around 1.04 pm, Ultratech stock was trading at Rs4,117.20 per piece, down by 0.91% on Sensex.