Ambuja Cements Ltd. received an observation letter with ‘no adverse observations' from BSE Ltd. and ‘no objection' from the National Stock Exchange of India Limited on January 1 with regards to the Scheme of Amalgamation with Adani Cementation Ltd. The proposal for amalgamation between Adani Cementation and Ambuja Cements had received Board approval in June 2024.
"The Scheme remains subject to various statutory and regulatory approvals and of the respective shareholders and creditors (where applicable) of the companies involved in the Scheme," said a circular on Jan 1.
"Based on the draft scheme and other documents submitted by the Company, including undertaking given in terms of Regulation 11 of SEBI Regulations, 2015, we hereby convey our “No objection” in terms of Regulation 37 of SEBI Regulations, 2015, so as to enable the Company to file the draft scheme with NCLT," stated the circular.
The Adani Group's cement arm is best placed to reap gains from cement themes like consolidation, sustainability, and ESG. Ambuja Cements' move is set to boost efficiency, enhance competitive strength, and simplify compliance processes. Shareholders are poised to benefit from the company's focus on consolidation, streamlined operations, and massive production capacities.
Shares of Ambuja closed 0.52% higher at Rs 538.6 per share on Wednesday, compared to a 0.41% advance in the NSE Nifty 50.
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