Sanction of Scheme of Arrangement between Sanghi Industries Limited and Ambuja Cements Limited and their respective shareholders.
Awaiting price reaction for this filing.
NCLT Ahmedabad has approved the Scheme of Arrangement under which Sanghi Industries Ltd will be merged into Ambuja Cements Ltd (Adani Group), with the appointed date set as April 1, 2024. Ambuja Cements, which already holds 58.08% of Sanghi Industries and 100% of its preference shares, will issue 12 shares for every 100 shares held by Sanghi shareholders. For FY25, Sanghi reported Rs 968.70 crores in revenue but a pre-tax loss of Rs 340.43 crores, while Ambuja reported Rs 19,453.58 crores in revenue and Rs 3,730.49 crores in pre-tax profit. Sanghi carries a pending tax demand of Rs 27.77 crores, and Ambuja has an outstanding demand of Rs 169.32 crores. The scheme becomes effective only after remaining procedural steps are completed, and Sanghi's shares are expected to be delisted once the merger is effective.
Sanghi shareholders will receive Ambuja Cements shares in lieu of their holdings and, upon scheme effectiveness, Sanghi's shares are likely to be delisted from BSE/NSE. The merger consolidates Sanghi's cement operations into Ambuja's larger business and removes a separate listed entity from the Adani Group structure.