26 December 2005
Scheme for amalgamation of Narmada Cement with UltraTech approved
The Board of Directors of UltraTech Cement Limited (UTCL) at its meeting held on 26 December 2005, approved a scheme for the amalgamation ("the Scheme") of Narmada Cement Company Limited (NCCL) with UTCL. NCCL is a subsidiary in which UTCL holds 97.80 per cent of the paid-up equity share capital.
NCCL has been declared a sick company by the Hon'ble Board for Industrial & Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).
The Scheme is subject to the approval of UTCL's shareholders, BIFR and other statutory authorities. Upon receipt of all requisite approvals and orders as may be passed by BIFR, NCCL will amalgamate with UTCL w.e.f. 1 October 2005. Shareholders of NCCL shall be allotted one equity share of the face value of Rs. 10 each credited as fully paid-up in UTCL for every 18 equity shares of the face value of Rs. 10 each credited as fully paid-up in NCCL, based on an independent valuation done by M/s Bansi S. Mehta & Co, Mumbai.
With this amalgamation UTCL's combined capacity will be 17 mtpa.
For more information, contact:
Dr. Pragnya Ram
Group Executive President
Corporate Communications & CSR
Aditya Birla Management Corporation Private Limited
Tel: 91-22-6652 5000 / 2499 5000
Fax: 91-22-6652 5741/ 42