India: Shiva Cement will merge with JSW Cement, part of JSW Group, in a move that will create a ‘single unified cement platform’ and unlock operational, financial and management synergies, according to The Economic Times. Shiva Cement is currently a listed subsidiary of JSW Cement. As per the scheme, JSW Cement will issue five equity shares of face value US$0.10 for every 41 equity shares of face value US$0.02 held in Shiva Cement to the shareholders of Shiva Cement.
The scheme is subject to receipt of requisite approvals from the stock exchanges, the National Company Law Tribunal (NCLT), and other statutory and regulatory authorities, including shareholders and creditors. JSW Cement currently holds a 66.23% share in Shiva Cement. The company has a cement grinding capacity of 24.1Mt/yr. The transaction is expected to be completed within 12‐14 months.
Shiva Cement to merge with JSW Cement
