Receipt of Observation Letter with '' no adverse objection'' from the BSE Limited in relation to the scheme of Arrangement between Sanghi Industries Limited (Transferor Company) and Ambuja ....
Awaiting price reaction for this filing.
Sanghi Industries has received an observation letter dated July 17, 2025 from BSE Limited with 'no adverse objection' to its proposed Scheme of Arrangement with Ambuja Cements Ltd. The scheme involves Sanghi Industries as the Transferor Company and Ambuja Cements as the Transferee Company under Sections 230-232 of the Companies Act, 2013. NSE had already given a similar no-objection letter the previous day. The scheme still requires NCLT approval, shareholder and creditor approvals, and other statutory clearances. SEBI's observations include ensuring disclosure of all ongoing legal/adjudication proceedings, share swap ratio details, financials of the last 3 years, and reclassification of SIL's promoters as public shareholders in Ambuja Cements post-merger. The BSE observation letter is valid for 6 months, within which the scheme must be filed with NCLT.
This is a positive procedural step forward for the merger of Sanghi Industries into Ambuja Cements (Adani Group company). Shareholders can expect NCLT filing and further approvals in the coming months; existing Sanghi shareholders are likely to receive Ambuja Cements shares as per a swap ratio to be disclosed.