Bourses Clear JK Lakshmi Cement For Amalgamation Plan

New Delhi: Leading bourses NSE and BSE have given consent to the merger of three subsidiaries into JK Lakshmi Cement.

As per the scheme of amalgamation, three subsidiaries namely Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries are getting merged into JK Lakshmi Cement.

“We would like to inform you that BSE and NSE vide their letters dated 1st January 2025, have issued their Observation Letters as required under Regulation 37 of the Listing Regulations with ‘No adverse observation’/ ‘No objection’, to the proposed scheme,” JK Lakshmi Cement said in a BSE filing.

On July 31, 2024, the board of JK Lakshmi Cement had approved the amalgamation scheme, which will simplify the group structure and make it more commercially meaningful to have one combined entity focused in the business of cement and cement products. For Udaipur Cement Works Ltd (UCWL), its shareholders will receive four shares of JK Lakshmi Cement for every 100 shares they hold in the company.