New Delhi : The country’s leading cement maker UltraTech on Thursday said it will acquire a 23 per cent stake in its Chennai-based rival India Cements Ltd for over Rs 1,900 crore in two tranches.

UltraTech Cement has acquired 6,02,48,983 equity shares of India Cements, aggregating to 19.44% stake at a price of up to Rs 267 per share, the Aditya Birla Group flagship firm said in a regulatory filing. The value of the first transaction at the share price of Rs 267 per share is pegged at Rs 1,608.64 crore.