Aditya Birla Group firm Ultratech said a promoter entity, Umang Commercial Company, has exited from the company by offloading its entire holding through open market transactions.

The cement maker said Umang has sold its 55,501 shares or 0.020% stake in the company between August 2 and August 7 through open market transactions on both BSE and NSE.

Among the 14 promoters in Ultratech, Umang was holding 0.13% stake in the company, as on June-end. Promoters held 63.34% stake in Ultratech, including 60.32% 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 INR 22.42 crore.

Source - Economic Times

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