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DEMERGER OF ULTRA TECH CEMENT BY L&T AND ITS ACQUISITION BY GRASIM Durvangi Vaity PG-04 Shweta Raut PG-07 1

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DEMERGEROF ULTRA TECH CEMENTBYL&TANDITS ACQUISITIONBY GRASIMDurvangi VaityPG-04Shweta Raut PG-071GRASIM WAS BADLY AFTER L&TWHY?2ANSWERAs on 31st ma!"# $%%3 !&m&nt !a'a!(t)* in million tonnes1+ In In,(a13- 2. L!1"#1$.$%&$. '(( lt). 1*#11.1%&4. Grasim1$#+.,% &*. Gu-rat 'm.u-a 12.* #+.$%& 4$.$%$Gas(m .ant&, to a!/0(& L&T+Its oot !a0s& (s (n anot"& sto)+1. L!/s10.0*%sta0ewaswithR1L.R1L was rea)y to sell.2. R1L a23uire) it in late 1+"0/s$. L!4tte)verywellinR1L/s5lantoset u5 mega 5ro-e2ts one a6ter another.4W") RIL .ant&, to s&11?R1L2oul)notmanagetogetsu55ort 6rom the govt.7 5u.li2 at large or 81/s.Largestsharehol)ers o6 L! 81/s 40% L1( an) 9!1 27% *T"& ma(n sto)STE2 1* '23uire) 10.0*% sta0e 6rom R1L.STE2 $* '23uire) 4.4"% sta0e through su.si)iarySTE2 3* :5en o;er a6ter more than , months.STE2 3* Delay in o5en o;er.STE2 -* Pro5osal .y L!STE2 4* (ounter 5ro5osal .y GrasimSTE2 5* S