Mumbai, Dec. 23 -- The Adani Group has officially announced that the board of Ambuja Cements has approved the amalgamation of its subsidiaries ACC Ltd and Orient Cement with the company to create a larger cement company.
The transaction will be entirely share-based, with no cash payout.
ACC shareholders will receive 328 Ambuja shares of face value of Rs 2 each, for every 100 ACC shares of face value of Rs 10, while Orient Cement shareholders will get 33 Ambuja shares of face value of Rs 2 each for every 100 Orient shares of face value of Rs 1.
According to a statement, the merger will unlock greater operational efficiencies, optimise manufacturing and logistics, and enable efficient capital deployment.
"These improvements will boost pro...