Ambuja Cement has received shareholders approval for amalgamation of the Group company Holcim India with itself in the Court convened meeting held on Saturday. The shareholders nod in the meeting was crucial for getting the Court’s approval for the entire restructuring process. The company already received capital market regulator SEBI’s nod.
About 505 shareholders represented 15.05 crore shares held in the public and others category in the meeting held on Saturday. Interestingly, all the 34.16 lakh (100 per cent) votes registered by public shareholders at the meeting approved the amalgamation.
Among the institutional shareholders, 49.28 crore votes were polled; of which, 36.97 crore (75 per cent) votes were in favour and 12.30 crore (25 per cent) votes were against the proposal. In all the institutional shareholders hold about 61.40 crore shares.
In July, Swiss-based cement major Holcim decided to consolidate its holdings in India under Ambuja Cement. As part of the process, Holcim India will transfer over 50 per cent of its stake in ACC to Ambuja, which will pay Rs 3,500 crore for 24 per cent stake and issue shares for the remaining. Holcim’s stake in Ambuja would rise to 61.39 per cent, from a little over 50 per cent, after the merger of Holcim India with Ambuja.