Investment holding companies (IHC) rallied on Friday following the announcement of an alternative framework for their delisting. Shares of Kalyani Investment, Bombay Burmah, and Summit Securities surged between 7 per cent and 11 per cent.
The Securities and Exchange Board of India (Sebi) on Thursday announced that with the entire public shareholding being extinguished, the holdcos will be delisted.
“A listed IHC that has at least 75 per cent of their fair value comprising direct investment in equity shares of other listed companies will be permitted to transfer the underlying equity shares held by it in other listed companies to its public shareholders proportionately,” said Sebi.
The company will also be permitted to make proportionate cash payments to its public shareholders against other assets like land, buildings, and investments in unlisted companies.
UltraTech Cement adds new 1.8 mtpa capacity at existing unit in South India
UltraTech Cement on Friday said it has commissioned a 1.8 million tonnes per annum (mtpa) grinding capacity at its existing unit situated at Tadipatri, Andhra Pradesh. The company said this addition in capacity forms part of the 22.6 mtpa capacity expansion announced in June 2022. The company also said that with debottlenecking, the capacity of its grinding unit at Jharsuguda, Odisha, has increased by 0.4 mtpa, taking it to 4.5 mtpa.
(With inputs from Amritha Pillay)
First Published: Jun 29 2024 | 5:26 AM IST
