New Delhi, Jan 2 (PTI) 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.

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"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.

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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.

Giving the go-ahead, bourses have directed the parties to disclose all details about the companies before the Jaipur Bench of the National Company Law Tribunal.

The company shall also ensure that the financials in the scheme, including financials considered for valuation reports, are not for periods more than 6 months old.

JK Lakshmi Cement has a combined capacity of 16.5 million tonne per annum (MTPA) in FY24. Its revenue was at Rs 6,319.77 crore. UCWL's revenue in FY24 was Rs 1,163.59 crore.

According to the latest annual report of JKLC, its strategic plan includes brownfield and greenfield expansions with the aim of increasing capacity to 30 MTPA by 2030.

To achieve this, it has ongoing strategic expansion projects totalling 10.80 MTPA, scheduled for completion by FY27.

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