Ambuja Cements Limited has received observation letters with "no adverse objection" from BSE and "no objection" from NSE for the proposed Scheme of Amalgamation of Orient Cement Limited with Ambuja Cements. The stock exchanges issued their observations on June 4, 2026.
The board of Ambuja Cements approved the proposed amalgamation on December 22, 2025. The scheme provides for the merger of Orient Cement into Ambuja Cements. NSE submitted the draft scheme to SEBI on March 13, 2026 and SEBI issued its comments on June 4, 2026.
The observation letters include several conditions for the entities involved. Ambuja Cements and Orient Cement must disclose all ongoing adjudication and recovery proceedings while seeking shareholder approval. The entities must ensure that financials in the scheme including those considered for valuation are not older than six months.
The listed entities must disclose details of assets, liabilities, net worth and revenue of both companies pre and post scheme, along with the rationale, synergies and impact on revenue generating capacity. A cost benefit analysis of the scheme must also be provided. The revised shareholding pattern of both entities pre and post scheme must be disclosed to shareholders.
The entities must disclose valuation details including projections and growth rate justification, pending actions against promoters, directors and key managerial personnel, and unpaid dues of both companies. Complaints received related to the scheme and their status must also be reported to shareholders.
The scheme remains subject to statutory and regulatory approvals and consent from shareholders and creditors of both entities. Ambuja Cements will incorporate the stock exchange observations in the petition to be filed before the National Company Law Tribunal. The observation letters will be made available on the website of Ambuja Cements.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.