Sanghi Industries Limited has informed the Exchange about 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 Cements Limited ( Transferee Company ) and their respective Shareholders.
Awaiting price reaction for this filing.
Sanghi Industries has received an observation letter from BSE with 'no adverse objection' on its proposed Scheme of Arrangement with Ambuja Cements Limited (Adani Group). The scheme, already approved by Sanghi's Board in December 2024, is for the amalgamation of Sanghi Industries (Transferor) into Ambuja Cements (Transferee) under Sections 230-232 of the Companies Act, 2013. NSE had already given a similar no-objection letter on July 17, 2025. BSE's approval comes with standard SEBI compliance conditions including disclosure of swap ratio, financials of both companies for the last 3 years, valuation details, and impact on shareholders. The observation letter is valid for six months, within which the scheme must be filed with NCLT for further approval from shareholders and creditors.
This is a key regulatory milestone for the Ambuja Cements acquisition of Sanghi Industries. Post-merger, Sanghi's promoters will be reclassified as public shareholders in Ambuja Cements, and Sanghi shareholders will receive Ambuja shares in exchange. The deal still requires NCLT approval and shareholder/creditor consent before completion. The stock may see continued interest as the merger progresses toward closure.