Century Textiles and Industries gets shareholder nod for cement demerger with Ultratech.

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Century Textiles and Industries' minority shareholders on Wednesday gave their nod to the company's decision to sell its cement assets to Ultratech. 

81.39% votes of the shareholders went in favor of the deal by which Ultratech will buy BK Birla- led Century Textiles and Industries' cement assets for Rs 8,621 crore through a share swap. The company will instead focus on its real estate arm that it wants to strategically grow in multiple markets. 

Also, the company's debt of Rs 4,300 crore at the end of June, 2018 will be brought down to Rs 1,300 crore with this transaction. 

"In the NCLT convened shareholders meeting on 24th October 2018, minority shareholders showed full confidence and support to the Company’s decision to sell its cement assets to UltraTech CementNSE 1.36 % Limited at an enterprise value of Rs.8621 crore with 81.39% votes in favour of the transaction," a release by the company sai

Ultratech had announced in May that it will take over Century Textiles and Industries' cement business that will add 13.4 MT ready capacity to Ultratech's current capacity, taking its total capacity to 116 MT. 

Read 181 times Last modified on Friday, 14 December 2018 09:04
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