UltraTech Cement has received approval of Bombay and Ahmedabad High Courts to acquire Jaypee Cement Corporation unit in Gujarat.
The company has already received the approval of capital market regulator SEBI, shareholders and creditor for buying the 4.8-mtpa unit with a 57.5-MW coal-based thermal power plant, limestone reserves for over 90 years and a captive jetty at Sewagram for an enterprise value of ₹3,800 crore.
As part of the deal, UltraTech will absorb a debt of ₹3,650 crore of Jaypee Cement Corporation and issue UltraTech shares worth ₹150 crore to Jaypee Associate.
The effective date of demerger scheme is June 12, said UltraTech in a release.
The demerger implementation committee of UltraTech has also allotted 114,382 equity shares and credited to the preferred shareholders of Jaypee Cement Corporation, said UltraTech Cement.
The shares of UltraTech were down 0.31 per cent at ₹2,759 on Thursday.