Pilani sold 25 lakh UltraTech shares at ₹11,585, cutting stake to near 1%. HDFC MF, JP Morgan and Norway's sovereign fund bought. Shares fell 1%.
Pilani Investment and Industries Corporation, a promoter of Mumbai-based UltraTech Cement, India's largest cement maker, sold 0.85% of the company for ₹2,896 crore through a block deal on Thursday.
The block saw 25 lakh shares change hands in 18 tranches at an average price of ₹11,585 apiece, according to block deal data on the BSE. The combined value was ₹2,896.25 crore. That average price sat about 1.4% below Thursday's closing price of ₹11,750.
The sale cut Pilani Investment's holding by more than half, to nearly 1% from 1.5%. The promoter and promoter group's combined stake in UltraTech fell to 58.49% from 59.33%, a drop of 0.84 percentage point. The Aditya Birla group, which controls the cement maker, keeps a clear majority.
Buyers included six domestic institutional investors: HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, the National Pension Insurance Fund, Aditya Birla Sun Life Mutual Fund, and Canara HSBC Oriental Bank of Commerce Life Insurance. JP Morgan and Norway's Government Pension Fund Global also bought shares, exchange data showed. The buyers took an equal number of shares at the same price.
UltraTech Cement shares closed nearly 1% lower at ₹11,750 apiece on the BSE.
The stake sale came a day after UltraTech announced an agreement to acquire a 26% stake in Solaris Horizon Energy, a company engaged in renewable energy generation and transmission. The announcement did not include financial terms.
Last month, UltraTech reported a 17.23% rise in consolidated net profit to ₹2,603.72 crore for the June quarter of FY27, against ₹2,220.91 crore a year earlier. Revenue from operations climbed 15.85% to ₹24,648.20 crore from ₹21,275.45 crore, the company said in a regulatory filing. UltraTech is the Aditya Birla group's flagship firm.
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