New Delhi, Dec 23 (PTI) Shares of India Cements jumped 11 per cent on Monday morning after the Competition Commission of India (CCI) cleared billionaire Kumar Mangalam Birla-promoted UltraTech Cement's proposal to acquire a majority stake in the firm.

The stock soared 11 per cent to Rs 376.30 on the BSE.

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At the NSE, it surged 10.92 per cent to Rs 376.20.

UltraTech Cement's stock climbed 1.40 per cent to Rs 11,585.40 on the BSE.

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"The proposed combination envisages UltraTech Cement Ltd's (UltraTech/acquirer) acquisition of 32.72 per cent of the paid-up equity share capital of India Cements Ltd (India Cements/target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd," CCI said in a release on Friday.

The fair trade regulator also granted its clearance to UltraTech Cement to acquire up to 26 per cent of the paid-up equity share capital of India Cements by way of an open offer, it added.

UltraTech is engaged in the business of manufacturing and sales of grey cement, white cement, ready-mix concrete, clinker, and building products in India.

"Competition Commission of India approves UltraTech Cement Ltd's acquisition of The India Cements Ltd," the competition watchdog said.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.

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