Pilani Investment reduces its holding in UltraTech Cement as the company accelerates its push into renewable energy, following strong quarterly results and strategic acquisitions that signal a shift towards greener power sources.
Pilani Investment and Industries Corporation has trimmed its holding in UltraTech Cement after selling 25 lakh shares, or 0.85% of the company, for about ₹2,896 crore in open-market deals on Thursday, according to block deal data on the BSE. The sale was carried out in 18 tranches at an average price of ₹11,585 a share.
The transaction cut Pilani Investment’s stake in UltraTech to nearly 1% from 1.5%, while the combined holding of the promoter and promoter group slipped to 58.49% from 59.33%. Domestic institutional buyers included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, the National Pension Insurance Fund, Aditya Birla Sun Life Mutual Fund and Canara HSBC Oriental Bank of Commerce Life Insurance, while JP Morgan and Norway’s sovereign wealth fund, the Government Pension Fund Global, also took part.
UltraTech shares ended nearly 1% lower at ₹11,750 on the BSE after the block sale. The move followed the company’s announcement that it had signed agreements to acquire a 26% stake in Solaris Horizon Energy, a renewable energy company, as part of its push into cleaner power.
That renewable energy strategy has been central to UltraTech’s recent expansion. Business Standard reported that the company has been securing stakes in green power ventures to meet its energy needs, manage costs and comply with captive power rules under electricity laws, with some transactions structured to complete within 180 days. UltraTech also reported a 17.23% rise in consolidated net profit to ₹2,603.72 crore for the June quarter, with revenue climbing 15.85% to ₹24,648.20 crore, suggesting the cement maker has been delivering stronger operating results even as its promoter group reduces exposure.
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