AMBUJACEM: Ambuja Cements Limited has informed the Exchange about the update in respect of Scheme of Arrangement of Penna Cement Industries Limited (Transferor Company) With Ambuja Cements Limited (Transferee Company) and their respective shareholders.
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The National Company Law Tribunal (NCLT), Ahmedabad Bench, has directed Ambuja Cements to convene a meeting of its equity shareholders on December 30, 2025 to consider the proposed amalgamation of Penna Cement Industries with Ambuja Cements, with an appointed date of August 16, 2024. Ambuja already holds 99.94% of Penna Cement (acquired from the erstwhile promoters), and the remaining Penna shareholders will receive cash consideration (no new Ambuja shares will be issued). The scheme aims to consolidate operations, reduce duplicated compliance, and achieve cost savings within the Adani Group's cement business. Both NSE and BSE have already given their no-objection, and the scheme requires approval by a majority of public shareholders of Ambuja.
For Ambuja shareholders, this is largely a procedural step in a pre-existing consolidation that streamlines the group structure; the cash-only payout to minority Penna shareholders means no share dilution. Once approved and effective, it should simplify the group's cement operations and potentially improve operational efficiency.