Investment holdings rise after Sebi’s delisting framework
Investment holding companies (IHC) rallied on Friday after an announcement of an alternative framework for delisting their stocks. Shares of Kalyani Investment, Bombay Burmah and Summit Securities rose between 7 percent and 11 percent.
The Securities and Exchange Board of India (Sebi) on Thursday announced that the holding companies will be delisted from the stock exchange, now that all public shares have disappeared.
“A listed IHC, at least 75 percent of its fair value of which consists of direct investments in shares of other listed companies, may transfer the underlying shares held by it in other listed companies to its public shareholders on a pro rata basis,” Sebi said.
The company may also make pro-rata cash payments to its public shareholders in exchange for other assets, such as land, buildings and investments in unlisted companies.
UltraTech Cement adds new capacity of 1.8 million tonnes per annum to existing unit in South India
UltraTech Cement on Friday said it has commissioned a milling capacity of 1.8 million tonnes per annum (mtpa) at its existing unit in Tadipatri, Andhra Pradesh. The company said this capacity expansion is part of the 22.6 mtpa capacity expansion announced in June 2022. The company also said that with the debottlenecking, the capacity of its milling unit in Jharsuguda, Odisha, has increased by 0.4 mtpa, taking it to 4.5 mtpa.
With these additions, UltraTech said, total cement capacity has reached 154.86 tonnes per year.
(With inputs from Amritha Pillay)
First print: June 29, 2024 | 05:26 AM IST