Offering to buy 31.6% of UAE-based RAK Cement Co. is UltraTech Cement.

UltraTech Cement, a part of the Aditya Birla group, announced on Monday that it has submitted a bid to purchase a 31.6% share in RAK Cement Co., located in the United Arab Emirates, for White Cement and Construction Materials PSC (RAKWCT).UltraTech Cement Middle East Investments Ltd (UCMEIL), a fully-owned subsidiary of the cement manufacturer in India, would handle this in the United Arab Emirates.UCMEIL will invest in 29.39% of the equity share capital of 'Ras al Khaimah Co.

for White Cement and Construction Materials PSC' (RAKWCT), a company listed on the Abu Dhabi stock exchange, according to a statement released by UltraTech on April 15.At the time, it had disclosed an investment of $101.10 million, or around Rs 839.52 crore, for a 29.39% ownership stake."We now write to inform you that UCMEIL has notified its intention of making a partial conditional cash offer for acquiring 158,049,610 shares, representing 31.6 per cent of the issued and paid-up share capital of RAKWCT," it stated. It further stated that this will be in compliance with Article 10 of the decision made by the chairman of the Securities and Commodities Authority's Board of Directors about the UAE's "takeover code," which governs the merger and acquisition procedures for publicly traded firms.