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Ambuja Cements Ltd. — M&A Activity 2025
Dec 22, 2025
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M&A Activity
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December 22, 2025
To National Stock Exchange of BSE Limited Luxembourg Stock India Limited Exchange Scrip Code: AMBUJACEM Scrip Code: 500425 Code: US02336R2004
-
Sub.: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) regarding approval of Schemes of Amalgamation(s) of -
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(i) ACC Limited (“Amalgamating Company”) with Ambuja Cements Limited (“Amalgamated Company”); and
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(ii) Orient Cement Limited (“Transferor Company”) with Ambuja Cements Limited (“Transferee Company”).
Dear Sir/Madam,
Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform that the Board of Directors of the Company at its meeting held today i.e. December 22, 2025 , has,
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approved the Scheme of Amalgamation of ACC Limited (“Amalgamating Company”) with Ambuja Cements Limited (“Amalgamated Company”) (herein after referred to as “Scheme - 1).
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approved the Scheme of Amalgamation of Orient Cement Limited (“Transferor Company”) with Ambuja Cements Limited (“Transferee Company”) (herein after referred to as “Scheme - 2 ”), (collectively the “Scheme - 1” and “Scheme – 2” be referred to as “ Schemes” ),
pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The Schemes, inter alia, provides for the amalgamation of the respective Amalgamating / Transferor Companies with the Amalgamated / Transferee Company.
The Schemes are subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the jurisdictional National Company Law Tribunal.
Ambuja Cements Limited Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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The disclosure as required pursuant to Regulation 30 of SEBI Listing Regulations read with read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, for the Scheme – 1 and Scheme – 2 are enclosed as per Annexure A and Annexure B respectively.
Further, in terms of the Regulation 37 of the SEBI Listing Regulations, the Schemes shall be filed with the stock exchanges for obtaining their “No Objections Letters”.
This intimation will also be uploaded on the Company’s website at www.ambujacement.com.
Kindly take the same on record.
Thanking you,
Yours faithfully, For Ambuja Cements Limited
MANISH Digitally signed by MANISH V MISTRY V MISTRY Date: 2025.12.22 20:32:57 +05'30' Manish Mistry
Company Secretary & Compliance Officer
Encl.: as above
Ambuja Cements Limited
Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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ANNEXURE A
(Scheme - 1)
Details of Scheme of Amalgamation of ACC Limited (“Amalgamating Company” or “ACC”) with Ambuja Cements Limited (“Amalgamated Company” or “Ambuja”)
| Sr. No. |
Particulars | Details | Details | Details | |
|---|---|---|---|---|---|
| 1. | Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as, size, turnover etc. |
The Amalgamating Company is a subsidiary of the Amalgamated Company. The brief details of the turnover and size of the entities are as follows: (Rs. In Crore) Particulars Revenue for the financial year 2024- 25 Net Worth as at March 31, 2025 Amalgamated Company (Ambuja) Standalone 19,453.58 48,605.65 Consolidated 35,044.76 63,811.42 Amalgamating Company (ACC) Standalone 21,668.11 18,270.93 Consolidated 21,762.31 18,558.63 |
|||
| Particulars | Revenue for the financial year 2024- 25 |
Net Worth as at March 31, 2025 |
|||
| Amalgamated Company (Ambuja) |
|||||
| Standalone | 19,453.58 | 48,605.65 | |||
| Consolidated | 35,044.76 | 63,811.42 | |||
| Amalgamating Company (ACC) |
|||||
| Standalone | 21,668.11 | 18,270.93 | |||
| Consolidated | 21,762.31 | 18,558.63 | |||
| 2. | Whether the transaction would fall within related party transactions? If yes, whether the same is done at “arm’s length” |
Yes. The Amalgamating Company is a subsidiary of the Amalgamated Company, and is a related party of the Amalgamated Company. The transaction would fall within the purview of the related party transactions as defined under the SEBI Listing Regulations. However, the transaction shall not attract the requirements of Section 188 of the Companies Act, pursuant to the clarifications provided in General Circular No. 30/2014 dated July 17, 2014, issued by the Ministry of Corporate Affairs. The consideration for the Scheme will be discharged on an ‘arm’s length’ basis. The Share |
Ambuja Cements Limited
Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. |
Particulars | Details |
|---|---|---|
| Exchange Ratio for the Scheme is based on the joint valuation report dated December 22, 2025 issued by M/s GT Valuation Advisors Private Limited and M/s BDO Valuation Advisory LLP, Registered Valuers. M/s IDBI Capital Market & Securities Limited, an independent SEBI Registered Category 1 Merchant Banker has provided the fairness opinion vide its report dated December 22, 2025, on the fairness of the aforesaid valuation. |
||
| 3. | Area of business of the entity(ies) |
Amalgamated Company: The Amalgamated Company is amongst the leading cement companies in India, renowned for its hassle-free, home-building solutions with its unique sustainable development projects and environment-friendly practices since it started its operations. Amalgamating Company: The Amalgamating Company is one of India’s most longstanding and prominent cement and building materials company and is engaged in the business of manufacturing and marketing of cement and ready-mix concrete, serving diverse customers across residential, infrastructure, commercial, and industrial construction sectors. Both the Amalgamating Company and the Amalgamated Company are part of the Adani group Companies. |
| 4. | Rationale for amalgamation/merger |
The rationale for the amalgamation is inter alia: • The Amalgamated Company is among India’s leading cement manufacturers, with installed capacity across India. The Amalgamating Company is also engaged in cement manufacturing with capacities that strategically complement and enhance the manufacturing footprint of the Amalgamated Company. The Amalgamated Companyis the |
Ambuja Cements Limited Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. |
Particulars | Details |
|---|---|---|
| Promoter of the Amalgamating Company and holds 50.05% of the paid-up equity share capital of the Amalgamating Company. As both the companies are under the same line of business, the amalgamation will enable the Amalgamated Company to assume complete ownership and direction of the Amalgamating Company’s business for long-term strategic alignment. The proposed amalgamation will combine the operations of both companies, driving focused growth, operational efficiencies, and significant business synergies. Furthermore, the resulting corporate structure will enhance agility and strengthen the overall business ecosystem of the merged entity. • The amalgamation will unify manufacturing and commercial functions, optimize resource allocation, and streamline the group’s structure by reducing multiple entities in the same line of business. This integration will enable faster decision-making, smoother execution of production plans, and stronger operational discipline enhancing agility and efficiency across the combined network. • The amalgamation will enable to deploy its financial, managerial, and operational resources more effectively. With all resources under the management of a single entity, both allocation and utilization can be optimized to support the Amalgamated Company’s strategic objectives. • By pooling financial, operational, and logistical resources, the merged entity will unlock economies of scale. Coupled with a unified market approach and efficient capital deployment, these synergies will boost profitability, strengthen competitiveness, and deliver superior long-term value and benefits to shareholders and other stakeholders. |
Ambuja Cements Limited Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. |
Particulars | Details | Details | Details | |
|---|---|---|---|---|---|
| • The amalgamation is in alignment with the Amalgamated Company’s long-term vision of consolidation and sustainable growth. Over time, the unified structure is expected to generate increased value for shareholders, supporting Amalgamated Company’s ongoing commitment to delivering sustainable returns. |
|||||
| 5. | In case of cash consideration – amount or otherwise share exchange ratio; |
No cash consideration is involved in the Scheme. Upon the Scheme becoming effective, the Amalgamated Company will issue and allot to the equity shareholders of the Amalgamating Company (other than the Amalgamated Company), 328 (Three Hundred and Twenty-Eight) equity Shares of the face value of Rs. 2/- (Rupees two) each credited as fully paid-up, for every 100 (One Hundred) equity shares of the face value of Rs. 10/- (Rupees ten) each fully paid-up held by shareholders in the Amalgamating Company, as more particularly set out in the Scheme. |
|||
| 6. | Brief details of change in shareholding pattern (if any) of listed entity |
Amalgamated Company: | |||
| Category | No. of Shares & % of holding (Pre- arrangement) |
No. of Shares & % of holding (post- *arrangement) ** |
|||
| Promoter / Promoter Group |
167,20,81,052 (67.65%) |
171,29,91,859 (61.63%) |
|||
| Public Shareholding |
79,84,18,494 (32.30%) |
106,51,81,996 (38.32%) |
|||
| GDR | 13,23,932 (0.05%) |
13,23,932 (0.05%) |
|||
| Total | 247,18,23,478 | 277,94,97,787 |
Ambuja Cements Limited Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. |
Particulars | Details |
|---|---|---|
| the respective board of directors of the aforesaid companies on December 17, 2024. The said Sanghi Merger Scheme is subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the National Company Law Tribunal, Ahmedabad Bench. Upon the Sanghi Merger Scheme becoming effective, the Transferee Company will issue and allot to the equity shareholders of the Transferor Company SIL (other than the Transferee Company), 12 Transferee Company Shares of the face value of Rs. 2/- (Rupees two) each credited as fully paid-up, for every 100 equity shares of the face value of Rs. 10/- (Rupees ten) each fully paid-up held by shareholders in the Transferor Company SIL, as determined by the independent valuer. Given that the Sanghi Merger Scheme has not yet become effective, the shareholding pattern (post arrangement) of the Amalgamated Company as disclosed above, does not account for the increase in share capital that would arise from the issuance of shares under the Sanghi Merger Scheme. Note 2: A separate Scheme of Arrangement between Penna Cement Industries Limited (“Transferor Company PCIL”) and Ambuja Cements Limited (“Transferee Company”) and their respective shareholders (“Penna Cement Merger Scheme”) has been approved by the respective board of directors of the aforesaid companies on December 17, 2024. The said Penna Cement Merger Scheme is subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the National Company Law Tribunal, Ahmedabad Bench. Upon the Penna Cement Merger Scheme becoming effective, the Transferee Company will pay consideration, to the equity shareholders of the Transferor Company PCIL (other than the |
Ambuja Cements Limited Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. |
Particulars | Details | Details | Details | |
|---|---|---|---|---|---|
| Transferee Company) whose names are recorded in the register of members on the Record Date, Rs. 321.50 (Rupees Three Hundred Twenty One and Paisa Fifty) for every 1 (one) fully paid-up equity share of Rs. 10/- each held by them in the Transferor Company PCIL, as determined by the independent valuer. Since, there will be no fresh issue of shares under the Penna Cement Merger Scheme, there will be no change in the shareholding pattern of the Transferee Company (post amalgamation) as disclosed above. Amalgamating Company: Category No. of Shares & % of holding (Pre- arrangement) No. of Shares & % of holding (post- arrangement)* Promoter / Promoter Group 10,64,56,927 (56.69%) Nil Public Shareholding 8,13,30,336 (43.31%) Nil Total 18,77,87,263 Nil |
|||||
| Category | No. of Shares & % of holding (Pre- arrangement) |
No. of Shares & % of holding (post- *arrangement) ** |
|||
| Promoter / Promoter Group |
10,64,56,927 (56.69%) |
Nil | |||
| Public Shareholding |
8,13,30,336 (43.31%) |
Nil | |||
| Total | 18,77,87,263 | Nil |
Ambuja Cements Limited
Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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ANNEXURE B
(Scheme- 2)
Details of Scheme of Amalgamation of Orient Cement Limited (“Transferor Company” or “OCL”) with Ambuja Cements Limited (“Transferee Company” or “Ambuja”)
| Sr. No. | Particulars | Details | Details | Details | |
|---|---|---|---|---|---|
| 1. | Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as, size, turnover etc. |
The Transferor Company is a subsidiary of the Transferee Company. The brief details of the turnover and size of the entities are as follows: (Rs. In Crore) Particulars Revenue for the financial year 2024- 25 Net Worth as at March 31, 2025 Transferee Company (Ambuja) Standalone 19,453.58 48,605.65 Consolidated 35,044.76 63,811.42 Transferor Company (OCL) Standalone 2,708.83 1,807.91 Consolidated N.A. N.A. |
|||
| Particulars | Revenue for the financial year 2024- 25 |
Net Worth as at March 31, 2025 |
|||
| Transferee Company (Ambuja) |
|||||
| Standalone | 19,453.58 | 48,605.65 | |||
| Consolidated | 35,044.76 | 63,811.42 | |||
| Transferor Company (OCL) |
|||||
| Standalone | 2,708.83 | 1,807.91 | |||
| Consolidated | N.A. | N.A. | |||
| 2. | Whether the transaction would fall within related party transactions? If yes, whether the same is done at “arm’s length” |
Yes. The Transferor Company is a subsidiary of the Transferee Company, and is a related party of the Transferee Company. The transaction would fall within the purview of the related party transactions as defined under the SEBI Listing Regulations. However, the transaction shall not attract the requirements of Section 188 of the Companies Act, pursuant to the clarifications provided in General Circular No. 30/2014 dated July 17, 2014, issued by the Ministry of Corporate Affairs. The consideration for the Scheme will be discharged on an ‘arm’s length’ basis. The Share Exchange Ratio for the Scheme is based on the |
Ambuja Cements Limited
Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com
CIN: L26942GJ1981PLC004717
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| Sr. No. | Particulars | Details |
|---|---|---|
| joint valuation report dated December 22, 2025 issued by M/s GT Valuation Advisors Private Limited and M/s BDO Valuation Advisory LLP, Registered Valuers. M/s IDBI Capital Market & Securities Limited, an independent SEBI Registered Category 1 Merchant Banker has provided the fairness opinion vide its report dated December 22, 2025, on the fairness of the aforesaid valuation. |
||
| 3. | Area of business of the entity(ies) |
Transferee Company: The Transferee Company is amongst the leading cement companies in India, renowned for its hassle-free, home-building solutions with its unique sustainable development projects and environment-friendly practices since it started its operations. Transferor Company: The Transferor Company is engaged in the business of manufacturing and selling of cement and cement related products. Both the Transferor Company and the Transferee Company are part of the Adani group Companies. |
| 4. | Rationale for amalgamation/merger |
The rationale for the amalgamation is inter alia: • The Transferee Company is among India’s leading cement manufacturers, with installed capacity across India. The Transferor Company is also engaged in cement manufacturing, with capacities concentrated in West and South India. • The Transferee Company is the promoter of the Transferor Company and holds 72.66% of the paid-up equity share capital of the Transferor Company. As both the companies are under the same line of business, the amalgamation will enable the Transferee Company to assume complete ownership and direction of the Transferor Company’s |
Ambuja Cements Limited Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. | Particulars | Details |
|---|---|---|
| business for long-term strategic alignment. The proposed amalgamation will combine the operations of both companies, driving focused growth, operational efficiencies, and significant business synergies. Furthermore, the resulting corporate structure will enhance agility and strengthen the overall business ecosystem of the merged entity. • The amalgamation will unify manufacturing and commercial functions, optimize resource allocation, and streamline the group’s structure by reducing multiple entities in the same line of business. This integration will enable faster decision-making, smoother execution of production plans, and stronger operational discipline enhancing agility and efficiency across the combined network. • By pooling financial, operational, and logistical resources, the merged entity will unlock economies of scale. Coupled with a unified market approach and efficient capital deployment, these synergies will boost profitability, strengthen competitiveness, and deliver superior long-term value and benefits to shareholders and other stakeholders. |
||
| 5. | In case of cash consideration – amount or otherwise share exchange ratio; |
No cash consideration is involved in the Scheme. Upon the Scheme becoming effective, the Transferee Company will issue and allot to the equity shareholders of the Transferor Company (other than the Transferee Company), 33 (Thirty- Three) equity shares of the face value of Rs. 2/- (Rupees two) each credited as fully paid-up, for every 100 (One Hundred) equity shares of the face value of Re. 1/- (Rupee one) each fully paid- up held by shareholders in the Transferor Company, as more particularly set out in the Scheme. |
Ambuja Cements Limited Registered Office: Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. | Particulars | Details | Details | ||
|---|---|---|---|---|---|
| 6. | Brief details of change in shareholding pattern (if any) of listed entity |
Transferee Company: | |||
| Category | No. of Shares & % of holding (Pre- arrangement) |
No. of Shares & % of holding (post- *arrangement) ** |
|||
| Promoter / Promoter Group |
167,20,81,052 (67.65%) |
167,20,81,052 (67.15%) |
|||
| Public Shareholding |
79,84,18,494 (32.30%) |
81,69,53,652 (32.80%) |
|||
| GDR | 13,23,932 (0.05%) |
13,23,932 (0.05%) |
|||
| Total | 247,18,23,478 | 249,03,58,636 |
Ambuja Cements Limited Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. | Particulars | Details | Details | Details | |
|---|---|---|---|---|---|
| issuance of shares under the Sanghi Merger Scheme. Note 2: A separate Scheme of Arrangement between Penna Cement Industries Limited (“Transferor Company PCIL”) and Ambuja Cements Limited (“Transferee Company”) and their respective shareholders (“Penna Cement Merger Scheme”) has been approved by the respective board of directors of the aforesaid companies on December 17, 2024. The said Penna Cement Merger Scheme is subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the National Company Law Tribunal, Ahmedabad Bench. Upon the Penna Cement Merger Scheme becoming effective, the Transferee Company will pay consideration, to the equity shareholders of the Transferor Company PCIL (other than the Transferee Company) whose names are recorded in the register of members on the Record Date, Rs. 321.50 (Rupees Three Hundred Twenty One and Paisa Fifty) for every 1 (one) fully paid-up equity share of Rs. 10/- each held by them in the Transferor Company PCIL, as determined by the independent valuer. Since, there will be no fresh issue of shares under the Penna Cement Merger Scheme, there will be no change in the shareholding pattern of the Transferee Company (post amalgamation) as disclosed above. Transferor Company: Category No. of Shares & % of holding (Pre- arrangement) No. of Shares & % of holding (post- arrangement)* Promoter / Promoter Group 14,92,92,730 (72.66%) Nil |
|||||
| Category | No. of Shares & % of holding (Pre- arrangement) |
No. of Shares & % of holding (post- *arrangement) ** |
|||
| Promoter / Promoter Group |
14,92,92,730 (72.66%) |
Nil |
Ambuja Cements Limited
Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717
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| Sr. No. | Particulars | Details | |||
|---|---|---|---|---|---|
| Public Shareholding |
5,61,67,143 (27.34%) |
Nil | |||
| Total | 20,54,59,873 | Nil | |||
Ambuja Cements Limited
Registered Office:
Adani Corporate House Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Ph +91 79-2656 5555 www.ambujacement.com CIN: L26942GJ1981PLC004717