Ambuja Cements Gets BSE, NSE Nod For Penna Cement Merger

Ambuja Cements Ltd. said on Thursday it has received a 'no adverse observation' letter from BSE Ltd. and a 'no objection' letter from NSE for its proposed scheme of arrangement with Penna Cement Industries Ltd. and their respective shareholders.

The approvals mark a key step forward in the merger process, which is still subject to statutory, regulatory, and shareholder approvals, the company said in an exchange filing.

The Securities and Exchange Board of India, in its observation letter dated Tuesday, asked Ambuja Cements to ensure disclosure of all ongoing legal proceedings or enforcement actions involving the company, its promoters, and directors to both the National Company Law Tribunal and shareholders, when seeking their approval.

SEBI also directed the company to publish any additional information submitted after the filing of the scheme with the stock exchanges on its website and the exchanges' websites.

The merger scheme was approved by Ambuja Cements' board in December 2024.