The board of Ultratech Cement Ltd. has approved the merger of three wholly owned subsidiaries with itself.
The company will absorb Nathdwara Cement Ltd., Swiss Merchandise Infrastructure Ltd., and Merit Plaza Ltd., according to an exchange filing.
The appointed date of the scheme of amalgamation is April 1, 2023. Swiss Merchandise Infrastructure and Merit Plaza are wholly owned subsidiaries of UltraTech Nathdwara Cement and were acquired as part of the insolvency process. The turnover of these entities is nil.
"In terms of the scheme, the entire equity shares of UNCL, Swiss, and Merit will be cancelled without issue or allotment of any new shares in lieu thereof," it said.
The rationale for the merger is simplification of structure and synergy gains, it said. "Business of amalgamated entity will be carried on more efficiently and economically with more effective utilisation of resources, reduction in overheads, costs, and expenses, elimination of duplication of work, and rationalisation and reduction of compliance requirements."
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The scheme is subject to the necessary statutory and regulatory approvals. There is a change in the shareholding pattern of the company, it said.
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