Khaitan & Co advised Aditya Birla Group’s UltraTech on structuring its acquisition of the cement business of BK Birla group’s Century Textiles and Industries. The firm also drafted the scheme of arrangement and other transaction documents including the implementation agreement and advice on regulatory approvals.
UltraTech’s board of directors approved the scheme of arrangement with Century, as did their respective shareholders and creditors. UltraTech will issue 14 million new equity shares to the shareholders of Century, which will increase its equity capital to ₹2.8 billion (US$42 million).
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