Adani group firm Ambuja merges Penna Cements, Sanghi Ind with itself

AMBUJA Cements, the cement and building material company of Adani Group, announced the merger of Sanghi Industries (SIL) and Penna Cement Industries with itself.

- ARSHAD KHAN @ New Delhi

Ambuja will issue 12 equity shares for every 100 equity shares of Sanghi Industries as recommended by the valuers and accepted by the Ambuja Board. In Penna Cement, it will pay equity shareholders, whose names are recorded in the register of members on the record date, "₹321.50 for every one fully paid-up equity share of ₹10 each," held in the transferor company.