Star Cement Share Price : Leading cement producer UltraTech Cement on Friday announced the acquisition of 8.69 percent minority stake from the promoters of Meghalaya-based Star Cement . The deal will be for Rs 851 crore. After the news came out, the stock of Star Cement company saw a strong rise on Friday. As a result, at 11.50 am, Star Cement shares rose by seven percent to Rs 237.10. Let us tell you that Star Cement shares have given a return of 34 percent to the investor in the last 1 month. Star Cement has an installed capacity of 77 lakh tonnes per annum, which has a presence in the markets of Northeast India. It is expanding rapidly in West Bengal and Bihar.

The announcement comes days after the Aditya Birla Group company completed the acquisition of a controlling stake in India Cements Ltd, making the south-based company its subsidiary. According to the company, certain promoters and promoter group entities of Star Cement "are proposing to sell their shareholding in Star Cement and have approached the company for the same."

It said, "The Board of Directors of the company in its meeting held today considered the proposal and approved the investment for acquisition of non-controlling minority stake up to 3.70 crore shares of Star Cement at a price not exceeding Rs 235 per share. This will be exclusive of STT, stamp duty and other charges." Regarding the cost of acquisition or the price at which the shares have been acquired, UltraTech said it would not exceed Rs 851 crore "excluding STT."