India Cements gets HC nod to merge subsidiaries; stock rallies

MUMBAI: Shares of India Cements rallied as much as 6.83 per cent in intraday trade on getting Madras High Court permission to merge two of its subsidiaries with itself. The stock ended up 6.18 per cent or Rs 5.20 at Rs 89.3

The company in a filing to stock exchanges announced that the shareholders of Trinetra Cement and Trishul Concrete have given their consent for scheme of amalgamation and arrangement with India Cement.

"The Scheme was duly approved by the Secured Creditors of the Company with requisite majority," the company said.