Umang Commercial comes out of Ultratech
Umang Commercial Company, a promoter entity of Ultratech Cement, has exited from the cement major by offloading its entire holding through open market transactions, Ultratech said. Ultratech is a firm of Aditya Birla Group.
Ultratech said Umang has sold its 55,501 shares or 0.020 per cent stake in the company between August 2 and August 7 through open market transactions on both BSE and NSE.
Umang, one among the 14 promoters of Ultratech, was holding 0.13 per cent stake in the cement major as on June-end. Promoters held 63.34 per cent stake in Ultratech, including 60.32 per cent stake owned by Grasim Industries. Umang had diluted its stake from 0.020 per cent to 0.015 per cent on August 2. The very next day, it reduced the stake to 0.011 per cent and subsequently, on August 7, it finally exited from the company.
Umang had sold 1.37 lakh shares in Ultratech through open market transactions on both BSE and NSE during three trading days (July 27 and July 31) for Rs 22.42 crore.