ACE shareholders to consider amalgamation with GAC

New Delhi, Sep 8 (UNI) The equity shareholders, secured and unsecured creditors of Ambuja Cement Eastern Ltd (ACE) will consider the amalgamation of the company with Gujarat Ambuja Cements Ltd (GAC), on September 13.

In May this year, ACE's board had proposed its merger with GAC subject to the approval of Jurisdictional High Courts and other relevant regulatory authorities. This proposal was also recommended by the Board of GAC at their meeting that month.

As per the said proposal and on the basis of the valuation report of Deloitte Haskins&Sells, it had been recommended that 4 equity shares of GACL of Rs 2 each fully paid up be issued for every 5 equity shares of Rs 10 each fully paid up of the company.

With this merger, the company will be able to expedite its capex with a stronger Balance Sheet of merged company. This will benefit shareholders of both the companies.

The proposed merger will also generate synergy into ACE's operations and it will be able to benefit from the operational efficiencies and technical standards of GAC.

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