Samruddhi Cement Lists At Rs 579.75

MUMBAI, INDIA (GaeaTimes.com)- Samruddhi Cement Ltd today made its mark on BSE (Bombay Stock Exchange) with Rs 588 following it’s de-merger from Grasim Industries. Samruddhi Cement and its debut on bourse is in accordance to the restructuring process of Aditya Birla Group for the cement business.

The company has already listed a equity share worth Rs. 26.16 crore which has a face value of Rs. 5 for each share. Samruddhi Cement and it’s shares rested on the higher end as of Rs. 600 while it touched as low as Rs. 494 on the other side in Bombay Stock Exchange. In the National Stock Exchange, the Samruddhi Cement scrip was listed at Rs 579.75 and it went up as high as Rs 590. Reportedly, Samruddhi Cement made its debut on the bourses following the decision of Aditya Birla Group which approved the de-merger plan.Following the terms of the agreement, Samruddhi Cement shall be merged with Ultra Tech Cement in the month of July in the current year itself. Samruddhi Cement shall have four shares of Ultra Tech Cement which shall be issued against seven shares of the company. On the other hand, each and every shareholder of Grasim Industries have received a single equity share with a face value of Rs. 5.

The merger between Samruddhi Cement and Ultratech Cement shall deliver an annual capacity pf 48.8 million grey cement from a total of 22 plants. Both Samruddhi Cement and Ultratech Cement shall also produce 11. 7 million cubic metres of ready mix concrete from 68 plants. When the merger comes to end, Grasim Industries shall have 60.3 percent of UltraTech’s equity capital. The rest 39.7 per cent shall be handed over to the shareholders of both Samruddhi Cement and Ultratech Cement.