Old UltraTech Cement Shares: What They Are Worth and How to Recover Them
Certificates may carry the name: UltraTech CemCo Limited (renamed in 2004)
Reviewed 24 September 2026
Do you still own UltraTech Cement shares?
UltraTech was carved out of Larsen & Toubro. Under the demerger effective 14 May 2004, a holder of ten L&T shares was left with five L&T shares and received four shares in UltraTech CemCo, which was renamed UltraTech Cement Limited on 14 October 2004. Grasim’s cement business followed into UltraTech through the Samruddhi Cement merger in 2010. So an old L&T certificate from before 2004 carries a UltraTech entitlement that many families never claimed.
How many UltraTech Cement shares do you own today?
- 2004Cement demerger from L&TEffective 14 May 2004. For every 10 L&T shares held, a shareholder retained 5 L&T shares and received 4 shares of UltraTech CemCo.
- 2004Name changeUltraTech CemCo Limited became UltraTech Cement Limited on 14 October 2004, after Grasim took management control.
- 2010Samruddhi Cement mergerGrasim demerged its cement business as Samruddhi Cement, which was then merged into UltraTech Cement.
Later bonus issues and any sub-division are not listed because we have not verified them. The registrar confirms the current holding on a folio.
Quick reference: what to multiply your certificate by
Find the row for when the shares were bought. The multiplier is what each share on the certificate has become since, counting only the corporate actions we have verified.
| If bought | Each share is now | Plus |
|---|---|---|
| L&T shares held before 14 May 2004 | 5 L&T shares per 10 held | 4 UltraTech shares per 10 L&T shares |
| UltraTech shares held since the 2004 demerger | 1 UltraTech share | Before any later actions we have not verified |
The 2004 demerger reduced the L&T holding as well as creating the UltraTech one, which is why old L&T certificates and today’s L&T register often disagree. Check both companies: they are separate folios with separate claims.
Why an old L&T certificate matters here
Families holding pre-2004 Larsen & Toubro certificates frequently do not realise they are also UltraTech shareholders. The demerger gave them four UltraTech CemCo shares for every ten L&T shares, and where the L&T folio was physical with a stale address, that entitlement often could not be delivered.
It is not forfeited. Establish the position on both folios — L&T and UltraTech — before deciding what to claim. [Our L&T page](https://globalequitysolutions.in/old-shares/larsen-toubro) covers the other half.
Who is UltraTech Cement’s registrar, and how do you contact them?
Check the company’s current registrar before you write
- Where to look
- The investor or shareholder section of the company’s website, and the general shareholder information section of its latest annual report
- Why it matters
- Registrars merge and change hands — TSR Consultants became Link Intime, which became MUFG Intime — so an address on old correspondence is often out of date
We have not verified this company’s current registrar against a company or registrar source, so we are not naming one here.
Registrars change. Confirm the current one on the company’s investor page before posting anything, and see how to find a company’s registrar.
How do you recover or sell old UltraTech Cement shares?
- The shares are in your name and you have the certificates
Update KYC on the folio if needed, then dematerialise them so they can be sold.
- The shareholder has died
The nominee, surviving joint holder or legal heirs claim through transmission.
- You bought the shares on paper before April 2019
SEBI's special window, open until 4 February 2027, lets you complete the transfer.
- The certificates are lost or damaged
The registered holder or heirs apply for duplicates, credited to demat.
- The shares or dividends were transferred to IEPF
Claim them back from the IEPF Authority with Form IEPF-5.
- The certificate is in an old or merged company name
The holding may now sit with a renamed or successor company.
Questions we are asked about UltraTech Cement shares
I have old L&T shares. Do I own UltraTech too?
If the shares were held before the demerger took effect on 14 May 2004, yes — four UltraTech CemCo shares for every ten L&T shares, and your L&T holding was reduced to five for every ten at the same time.
My certificate says UltraTech CemCo. Is that the same company?
Yes. UltraTech CemCo Limited was renamed UltraTech Cement Limited on 14 October 2004. A rename does not affect the shares.
What happened to Samruddhi Cement shares?
Samruddhi Cement was the vehicle Grasim used to demerge its cement business, and it was merged into UltraTech Cement in 2010. Holders received UltraTech shares; the registrar can confirm the entitlement on a folio.
Sources
Free valuation of old shares
Send us the company name and folio number from the certificate. We work out what the holding is worth today, after bonuses, splits and mergers.