India Cements shares jump 3% as UltraTech Cement's OFS to sell 6.5% stake opens today

Shares of India Cements jumped 2.9% to the day’s high of Rs 380.70 on BSE in early trade on Thursday as its promoter UltraTech Cement's offer for sale (OFS) to sell up to 2.01 crore shares (6.49% stake) in the company opened for bidding. The stake sale was disclosed in a stock exchange filing on Wednesday.

Meanwhile, UltraTech Cement shares were trading flat at Rs 12,870.

UltraTech Cement currently holds an 81.49% stake in India Cements, making it the majority shareholder. The Chennai-based company became a subsidiary of UltraTech in December 2024, after UltraTech acquired the promoters’ and associates’ stake, followed by an open offer to shareholders.


On Wednesday, India Cements shares closed 0.92% lower at Rs 370 apiece on the BSE, while UltraTech Cement ended flat at Rs 12,860.

UltraTech Cement, the country’s largest cement producer, has an annual production capacity of 192.26 million tonnes of grey cement and is on track to cross 200 million tonnes in FY25, ahead of its earlier target of FY26–27.

The planned stake sale comes less than a year after UltraTech completed its acquisition of India Cements.

The offer for sale (OFS) will be conducted over two trading days, August 21 and 22, 2025, during normal market hours through a separate stock exchange window.

On August 21 (T day), bidding will be open only to non-retail investors.

On August 22 (T+1 day), the window will open for retail investors, as well as for non-retail investors who wish to carry forward their unallotted bids from T day. Non-retail participants will also be allowed to revise their bids in line with OFS guidelines.

UltraTech Cement is selling the stake to comply with regulatory requirements under Sebi’s minimum public shareholding norms. Following its aggressive acquisition of India Cements in 2024, through a promoter buyout and an open offer, UltraTech’s holding rose to about 81.5%, breaching the permissible limit.

Sebi mandates that listed companies maintain at least 25% public shareholding, effectively capping promoter holdings at 75%.

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