The India Cements Ltd to sell land in Andhra Pradesh to UltraTech Cement Ltd

The India Cements Ltd has entered into an agreement with UltraTech Cement Limited, a company incorporated under the Companies Act, 1956 and having its registered office at B Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093 (Buyer), on 21.09.2023 for the sale of land admeasuring 73.75 acres (which includes land admeasuring 14.53 acres to be procured) located at villages Kantakapalle and Chinnipalem, Mandal Kothavalasa, District Vizianagram, Andhra Pradesh, for a consideration of Rs.70.00 Crore, exclusive of taxes, stamp duty and registration charges.

This is part of the Company's plan to monetize some of its non-core assets for improving its liquidity and to meet few of its capital expenditure plans.

Shares of The India Cements Limited was last trading in BSE at Rs. 229.85 as compared to the previous close of Rs. 238.75. The total number of shares traded during the day was 112934 in over 1783 trades.

The stock hit an intraday high of Rs. 239.10 and intraday low of 228.50. The net turnover during the day was Rs. 26447520.00.

Source : Equity Bulls

Keywords

TheIndiaCements INE383A01012 LandSale AndhraPradesh UltraTechCement