Please find attached herewith the outcome of the Board Meeting dated 29th September, 2026.
SHIVACEM · price
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On the reaction day the stock moved 7.9 pts less than Nifty Microcap 250 and 8.5 pts less than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Shiva Cement Limited's (SCL) Board has approved a Scheme of Arrangement for its amalgamation with JSW Cement Limited (JCL), which already holds 66.23% of SCL's equity. Under the scheme, SCL shareholders (excluding JCL) will get 5 equity shares of JCL (face value ₹10) for every 41 equity shares of SCL (face value ₹2). No cash consideration is involved. As part of the deal, SCL's accumulated losses of ₹133.92 crore will be adjusted against its Securities Premium Account. The appointed date is April 1, 2026. The scheme now needs shareholder and NCLT (Mumbai Bench) approval. Post-merger, SCL will cease to exist. The rationale includes clinker backward integration (SCL has a 1.32 mtpa facility in Odisha), cost synergies, simplified group structure, and better liquidity for SCL's public shareholders who will become JCL shareholders.
For SCL shareholders, this is a significant corporate event — they will end up holding shares in JCL (a much larger entity with FY25-26 turnover of ~₹5,995 crore vs SCL's ~₹435 crore), gaining better liquidity and access to a broader institutional investor base. The stock price may react to the swap ratio of 5:41. The deal still requires NCLT and shareholder approvals before becoming effective, so near-term volatility is possible.