Ambuja Cements Limited has informed the Exchange regarding 'Corrigendum to our letter dated May 1, 2025 in relation to receipt of Observation Letter with no adverse observations from BSE Limited (BSE) and no objection from the National Stock Exchange of India Limited (NSE) '.
AMBUJACEM · price
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Awaiting price reaction for this filing.
Ambuja Cements has issued a corrigendum correcting the date of its earlier letter from May 1, 2025 to April 30, 2025. The underlying news is that both BSE (on April 29, 2025) and NSE (on April 30, 2025) have given their clearance — 'no adverse observations' from BSE and 'no objection' from NSE — for Ambuja's proposed scheme of amalgamation with Penna Cement Industries Limited (PCIL). Under the scheme, PCIL shareholders will receive a cash consideration of Rs. 321.50 per share, which is higher than the Rs. 309.20 or Rs. 315.20 per share indicated by independent valuers GT Valuations Advisors and BDO Valuation Advisory. SEBI has asked Ambuja to disclose the rationale for the higher cash payout along with other details to shareholders. The next step is filing the scheme with the NCLT within six months, followed by shareholder and creditor approvals.
This is a positive procedural milestone for Ambuja's acquisition of Penna Cement — regulatory clearance from both stock exchanges paves the way for NCLT filing and eventual completion. For Ambuja shareholders, it signals progress on capacity expansion through inorganic growth, though actual benefits depend on NCLT and shareholder approvals. The premium being paid over the fair value may raise questions in the shareholder vote.