Ambuja Cements gets green light for Penna Cement merger

Ambuja Cements (BSE:AMBUJACEM) announced that it has received observation letters from both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), indicating "no adverse observations" and "no objection," respectively, regarding the proposed scheme of arrangement with Penna Cement Industries Limited. The scheme involves the amalgamation of Penna Cement into Ambuja Cements, subject to shareholder and regulatory approvals as well as compliance with conditions outlined by SEBI and the stock exchanges. Key aspects of the SEBI guidance include comprehensive disclosure requirements, particularly regarding ongoing legal proceedings, financial details, and reasons for cash consideration of INR321.50 per share to Penna Cement shareholders. Ambuja Cements has committed to adhering to all stipulated conditions and making necessary information available on its website, www.ambujacement.com. The observation letters are valid for six months from April 30, 2025, within which the scheme must be submitted to the National Company Law Tribunal (NCLT).