Sanghi Industries Limited has informed the Exchange about receipt of Observation Letter with no objection from the National Stock Exchange of India Limited in relation to the Scheme of Arrangement between Sanghi Industries Limited (Transferor Company) and Ambuja Cements Limited (Transferee Company) and their respective Shareholders
Awaiting price reaction for this filing.
Sanghi Industries Limited has received a 'no objection' observation letter from the National Stock Exchange (NSE) for its proposed Scheme of Arrangement with Ambuja Cements Limited, under which Sanghi Industries (Transferor Company) will merge into Ambuja Cements (Transferee Company), an Adani Group company. The NSE observation letter, dated July 1, 2025, was received by the company on July 17, 2025, following SEBI's comments issued on July 15, 2025. The scheme, originally approved by Sanghi Industries' board on December 17, 2024, must now be filed with the NCLT within six months (i.e., by January 1, 2026). The scheme still requires approvals from shareholders, creditors, and the NCLT. Per SEBI's observations, Sanghi Industries' promoters will be reclassified as public shareholders in Ambuja Cements post-merger.
This is a positive regulatory milestone for the merger — NSE and SEBI clearances remove a key hurdle, bringing the deal closer to completion. Sanghi Industries shareholders may see their shares swapped for Ambuja Cements shares upon NCLT and shareholder/creditor approval, but final swap ratio and deal economics are yet to be disclosed.