JSW Cement Ltd, part of Sajjan Jindal-led JSW Group, will merge with its listed subsidiary Shiva Cement, a move that will create a “single unified cement platform” and unlock operational, financial and management synergies.
The board of JSW Cement has approved a scheme of arrangement, including the amalgamation of Shiva Cement with and into JSW Cement, the company said in a late-night filing on Tuesday.
As per the scheme, “JSW Cement will issue 5 equity shares of face value Rs 10 for every 41 equity shares of face value Rs 2 held in Shiva Cement to the shareholders of Shiva Cement.”
The scheme is subject to receipt of requisite approvals from the stock exchanges, SEBI, the National Company Law Tribunal (NCLT), Odisha Industrial Infrastructure Development Corporation, other statutory and regulatory authorities, including shareholders and creditors.
“The transaction is expected to be completed within 1214 months, subject to timely receipt of regulatory approvals,” it said.
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