Ultratech-Samruddhi merger: August 25 fixed as record date

NEW DELHI: After receiving the Bombay High Court and Gujarat High Court's nod for the merger of Samruddhi Cement with itself, Ultratech Cement today said it has fixed August 25 as the record date for the amalgamation.

"... August 25 has been fixed as the record date for the purpose of determining the equity shareholders of Samruddhi Cement to whom equity shares of the company (Ultratech) will be allotted," Ultratech Cement said in a communique to the Bombay Stock Exchange.

Ultratech had earlier announced that shareholders of Samruddhi Cement would get four shares of Rs 10 face value for every seven equities of Rs 5 face value held in Samruddhi under the scheme of amalgamation.

Last year, the boards of Ultratech Cement Limited and Samruddhi Cement Ltd, a wholly owned subsidiary of Grasim Industries Limited, unanimously approved Samruddhi's merger with UltraTech.

The Bombay High Court and the Gujarat High Court had sanctioned the scheme of amalgamation of Samruddhi Cement with Ultratech Cement on June 11 and July 1, 2010, respectively.

The company has fixed August 1, 2010, as the effective date for the scheme of amalgamation.