Mumbai: JSW Cement Limited and its listed subsidiary, Shiva Cement Limited, announced on 29 September 2026, the approval of a scheme of arrangement for the amalgamation of Shiva Cement into JSW Cement.
Share Exchange Ratio
JSW Cement will issue 5 equity shares, each with a face value of ₹10, for every 41 equity shares, each with a face value of ₹2, held by shareholders of Shiva Cement, excluding JSW Cement itself.
Strategic Rationale
The consolidation aims to create a single unified cement platform to unlock operational, financial, and management synergies. The merger is expected to enhance shareholder value by providing public shareholders of Shiva Cement direct shareholding in a larger, more liquid entity.
Management Commentary
Nilesh Narwekar, CEO of JSW Cement, said the proposed merger is a strategic step towards creating a more integrated and efficient business. He added that it would unlock operational and financial synergies, strengthen backward integration, and simplify the corporate structure.
Expected Completion
The transaction is anticipated to conclude within 12-14 months. This timeline is subject to the timely receipt of all necessary regulatory approvals.
Advisors to the Transaction
JM Financial Limited acted as the exclusive financial advisor. Price Waterhouse & Co LLP served as the tax and regulatory advisor. PwC Business Consulting Services LLP and BDO Valuation Advisory LLP were the independent registered valuers, while SBI Capital Markets Limited and DAM Capital Advisors Limited provided fairness opinions on the share exchange ratio.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
