Ultratech in share swap deal with Kesoram for cement biz

KOLKATA: Aditya Birla Group’s largest cement maker UltraTech Cement has taken over the cement business of B K Birla group’s flagship Kesoram Industries in a share-swap deal, according to a regulatory filing.

Kesoram informed the bourses that it has demerged the cement business and as part of a deal, shareholders will receive one share of UltraTech Cement for 52 Kesoram shares of Rs 10 each.