Consolidating its number one position in the cement sector, UltraTech Cement Ltd, owned by the Aditya Birla group, has acquired 32.72 per cent stake of N Srinivasan and associates in India Cements for Rs 3,954 crore. With this sell-out, Srinivasan will exit from the company set up in 1946. As the Birlas will shell out Rs 390 per share for the acquisition, it will trigger a mandatory open offer for another 20 per cent stake in the company from the public at Rs 390 per share. The open offer, which…