India’s Ultratech Cement on Monday it has received the nod of the Bombay High Court and Gujarat High Court for a merger of Samruddhi Cement with itself.
Last year, the boards of Ultratech Cement Limited and Samruddhi Cement Ltd, a wholly owned subsidiary of Grasim Industries Limited, unanimously approved Samruddhi’s merger with UltraTech.
Under the scheme of amalgamation, Samruddhi Cement shareholders will get four Ultratech shares of Rs 10 face value for every seven equities of Rs 5 face value held in Samruddhi.
"... The High Court of Bombay and the Hon’ble Court of Gujarat have sanctioned the scheme of amalgamation of Samruddhi Cement with Ultratech Cement under section 391-94 of Companies Act 1956 on June 11, 2010, and July 1, 2010, respectively," the company said in a filing to the Bombay Stock Exchange.
The company has fixed August 1, 2010, as the effective date for the scheme of amalgamation.