Ambuja Cements To Seek Shareholders' Approval For Merger With Adani Cementation On May 2
Ambuja Cements Ltd. announced on Friday that it will arrange a shareholder's meeting on May 2, 2025, according to an exchange filing.
In the meeting that the company plans to convene at 11 a.m. on May 2, shareholders will discuss and vote on the proposed scheme of amalgamation with Adani Cementation Ltd.
The meeting will be conducted through video conference, or other audio visual means. Last June, the company had disclosed its plan to merge with Adani Cementation Ltd.
As a result of the merger, Adani Cement Industries will become a wholly owned subsidiary of Ambuja Cements post-merger, the exchange filing at that time had stated.
The merger is expected to strengthen Ambuja's coastal footprint, providing a competitive advantage. Adani Cementation has strategic locations near Dahej port and the Amba River in Raigad, the earlier filing had stated.
These locations will enable Ambuja Cements to source the clinker -- a key ingredient in cement -- by sea and rail. This is expected to serve the high-growth markets of South Gujarat and Mumbai in a cost-effective manner.
It will lead to an increase in Ambuja Cements' production capacity by approximately 2.5 Metric Tonne Per Annum. This includes 1.3 MTPA that is already operational and 1.2 MTPA under construction.
The Ahmedabad Bench of the National Company Law Tribunal had on Friday directed the company to convene and hold a meeting.
In a separate filing, the company has also informed change in leadership at Ambuja Cements, ahead of the merger.
It has appointed Vinod Bahety as an additional director, whole-time director and chief executive officer of the company for a term of three years with effect from April 1.
Ajay Kapur has been reappointed as the managing director of the company for a term of two years with effect from April 1.
The company has also appointed Rakesh Tiwary as chief financial officer with effect from April 1. It has also announced the cessation of Bahety as the CFO from closure of the business hours on March 31.
Praveen Garg has been appointed as an additional director on the board for a term of three years with effect from April 1.
Shares of Ambuja Cements Ltd. closed 0.94% lower at Rs 537.95 apiece on the BSE, compared to a 0.25% decline in the benchmark Sensex.
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