UltraTech plans to offload their share in India Cements, potential sale valued at approximately 85.6 million US dollars.

In a move to comply with applicable laws regarding controlling shareholder limits, UltraTech Cement has announced its decision to sell up to 6.5% of its stake in India Cements. The sale, valued at approximately 7.45 billion rupees or $85.6 million USD, is not part of a larger corporate restructuring or a deal with any specific entity.

The sale will be conducted through open market transactions, as reported by Reuters calculations. UltraTech Cement currently owns an 81.5% stake in India Cements, and the remaining 18.5% is held by public shareholders, as of June-end.

It is important to note that the sale does not include any other assets or investments of India Cements. Additionally, the sale is not related to any financial difficulties or legal issues faced by either company.

The stock market transactions involving UltraTech Cement's stake in India Cements did not have a significant impact on the overall market or the cement industry. India Cements' stock closed at 370.25 rupees, down by 0.8%, while UltraTech Cement's shares ended the day unchanged at 12,874 rupees.

The promoter holding the majority of shares in India Cements and planning to sell them on the open market is not explicitly named in the provided search results. However, it is clear that this transaction is an individual one and not part of a broader strategy.

This sale by UltraTech Cement is a strategic move to adhere to the Indian market regulator's rule that controlling shareholders can only hold up to 75% of a company's stake. The company's decision reflects its commitment to compliance and transparency in its business operations.