UltraTech subsidiary to sell 92.5% stake in Shandong Binani Rongan Cement for $129M

Krishna Holdings, a subsidiary of UltraTech Nathdwara Cement, will sell its entire 92.5% stake in Shandong Binani Rongan Cement for around $129 million. The buyer is not named.

“Krishna Holdings will divest its entire shareholding at an enterprise value of RMB 845 million +/- working capital adjustments on closing, equivalent to $120 million (approx)”dailyworld.in

• 2 sources
• dailyworld.inUltraTech arm to sell entire stake in Chinese cement firm -Agencies | Business - Dailyworld.inDailyworld News DeskJul 8, 2020
• cemnet.comUltraTech Cement's subsidiary to sell entire stake in Shandong Binani Rongan CementJul 8, 2020

Summarized from public sources; check the original articles before acting on it.