Sagar Cements has informed that the board of directors (BOD) of the company has accorded its in-principle approval for the merger of Amareswari Cements, belonging to its promoter group, with Sagar Cements and to appoint necessary agencies like independent valuers, merchant bankers, etc, for the purpose.
The merger is subject to various statutory and other approvals and the formalities required to be complied with in connection there with.
The board has also decided to divest Sagar Cement’s stake in its subsidiary, Sagar Power, to enable the former to focus attention on its core area– cement manufacture.
