Aditya Birla Group’s Pilani Investment and Industries Corp. is seeking to raise as much as ₹1,909 crore ($200 million) by selling a 0.57% stake in UltraTech Cement Ltd through a block trade on Thursday, 13 August, according to a term sheet seen by Mint.
The seller is offering about 1.7 million UltraTech shares at a floor price of ₹11,481 apiece, a 3% discount to the cement maker’s closing price of ₹11,836 on 12 August. Pilani Investment currently holds a 1.5% stake in UltraTech, while promoter entities collectively own more than 59%.
Jefferies India Pvt. Ltd is the sole bookrunner and broker for the transaction. The seller will be subject to a 60-day lock-up after the trade is executed. At the time of publishing, an upsize option for the transaction remains to be updated.
Pilani Investment is a core investment company and non-banking financial company (NBFC-CIC) that serves as a major holding and investment arm of the Aditya Birla Group in India. It does not accept public deposits and focuses on holding long-term equity stakes in group companies rather than active day-to-day trading.
The proposed sale comes as investors and early backers continue to monetize sizeable holdings through secondary-market transactions.
Earlier this month, Elevation Capital sold about $200 million worth of shares in Paytm parent One 97 Communications Ltd, while separately joining Peak XV Partners to offer another $200 million tranche in Meesho Ltd.
On 23 July, Fidelity-backed Eight Roads Ventures, Walmart-owned Flipkart Internet and IMM India Fund offered to sell a combined stake of up to 9.08% in Shadowfax Technologies Ltd for about $100 million.
Lenskart Solutions Ltd has also seen early investors pare holdings after their lock-ins expired. Singapore sovereign wealth fund Temasek sold a 2% stake in the eyewear retailer for ₹1,940 crore this month, following a 2.3% stake sale by Abu Dhabi’s sovereign wealth fund for a similar amount. On 3 June, a SoftBank entity sold a 3.25% stake in Lenskart through a ₹2,873 crore block deal.
The Pilani Investment transaction comes nearly a month after UltraTech, India’s largest cement maker, reported a strong first quarter for FY27.
Net profit rose nearly 17% year-on-year to ₹2,599 crore in the April-June quarter, driven by operational efficiencies and market execution, while revenue grew 16% to ₹24,648 crore. Capacity utilization stood at 81%. The company beat analyst estimates for both revenue and profit despite one of the sharpest fuel-cost shocks in recent years.
Robust cement demand, double-digit volume growth, contributions from acquired businesses and disciplined cost management helped UltraTech offset higher fuel and freight costs.
In a post-earnings call with analysts, chief financial officer Atul Daga said the company entered FY27 with a robust capacity base, backed by double-digit volume growth and strong demand from infrastructure, housing and urban real estate. Despite its market leadership, he said the company would continue to grow “like a challenger”.
Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.
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