The board of directors of Adani Cementation Ltd. has approved the proposal for its merger with Ambuja Cements Ltd.
Adani Cementation, a wholly owned subsidiary of Adani Enterprises Ltd. and its step-down unit, Adani Cement Industries Ltd., will discontinue being subsidiaries of the company once the scheme comes into effect, according to an exchange filing on Thursday.
The scheme is subject to approval from shareholders and other statutory and regulatory bodies, including the National Company Law Tribunal, it said.
As part of the amalgamation scheme, Adani Enterprises will receive 87 lakh shares of Ambuja Cements at a share exchange ratio set at 174 shares of Ambuja for every one held in Adani Cementation.
Shares of Adani Enterprises closed 0.17% higher at Rs 3,174.85 apiece, as compared with a 0.72% rise in the benchmark BSE Sensex.
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