UltraTech Cement Block Deal: 25 lakh shares of the Aditya Birla Group company change hands

25 lakh shares of UltraTech Cement Ltd., India's largest cement company and part of the Aditya Birla Group, changed hands in a pre-open block window deal on Thursday, August 13.

If we consider the floor price of the transaction as the price at which the shares have changed hands, the total transaction value would be worth ₹2,895 crore.

The official buyers and sellers of the deal are not yet known.

On Wednesday, CNBC-TV18 reportedthat promoter Pilani Investment and Industries Corporation were set to sell 0.6% equity or 17 lakh shares in the company via a block deal.

Sources said that the floor price of the block deal was fixed at ₹11,581 apiece, which would have taken the total transaction value to ₹1,909 crore.

A 60-day lock-up would be imposed on any further sale of shares, the sources added.

At the end of the June quarter, the promoter entities held 59.33% stake in Ultratech Cement while the public shareholding comprised 40.5%.

The promoter group Pilani Investment and Industries Corporation held 1.5% stake in the company, as per data available on the exchanges.

UltraTech Cement reported a healthy set of June quarter earnings last month, which exceeded Street expectations on operating profit, net profit and revenue aided by healthy volume growth.

The cement maker's net profit increased 17.2% to ₹2,064 crore and was above the CNBC-TV18 poll's ₹2,453 crore.

Its revenue was up 15.85% at ₹24,646 crore and beat Street estimates of ₹24,440 crore.

Its EBITDA increased 13.7% to ₹5,016 crore and beat expectations of ₹4,934 crore.

Its EBITDA margin contracted to 20.4% from 20.7% in the year-ago period, but was higher than Street estimates of 20.2%.

Shares of UltraTech Cement ended the previous session 0.5% up at ₹11,835 apiece. The stock has increased 2.3% in the past month but is down 0.6% this year, so far.

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