Ambuja Cements Limited has informed the Exchange about the copy of newspaper publication in respect of notice of hearing of petition before the National Company Law Tribunal Ahmedabad bench (Hon'ble Tribunal) in the matter of Scheme of Arrangement between Penna Cement Industries Limited (Transferor Company) and the Company (Transferee Company) and their respective shareholders.
AMBUJACEM · price
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Ambuja Cements has published a notice in newspapers about an upcoming hearing at the National Company Law Tribunal (NCLT), Ahmedabad bench, regarding its proposed Scheme of Arrangement with Penna Cement Industries Limited. Under this scheme, Penna Cement Industries is the Transferor Company and Ambuja Cements is the Transferee Company, meaning Ambuja will absorb or merge with Penna Cement. The newspaper publication is a mandatory regulatory step to inform shareholders and the public about the tribunal hearing. This indicates the merger process is advancing through its legal approval stage.
This is a procedural update in an ongoing merger/acquisition and does not change the deal's terms. For shareholders, it confirms the Penna Cement acquisition is moving forward through regulatory channels, with NCLT approval being a key milestone before the scheme can be implemented.