Emami's cement subsidiary merger with Nuvoco Vistas gets CCI approval; stock trades flat

CCI has approved 100% acquisition of Emami Cement's total paid-up share capital by Nuvoco on a fully diluted basis.

May 22, 2020 08:05 IST India Infoline News Service

Cement
The Competition Commission of India (CCI) has given a green signal to Emami's cement subsidiary merger with Nuvoco Vistas Corporation.

On Thursday, CCI has approved 100% acquisition of Emami Cement's total paid-up share capital by Nuvoco on a fully diluted basis.

NVCL is a Nirma promoter group company, engaged in the businesses of manufacturing and sale of a variety of grey cement including Portland Pozzolana cement, Portland Slag Cement and Ordinary Portland cement. It is also engaged in the sale of certain other value-added products like construction chemicals, wall putty, and cover blocks.

Meanwhile, Emami Cement is led by Emami Group engaged in cement business along with the manufacture of small quantities of clinker and ground granulated blast furnace slag.

CCI will release details of its order on the merger soon.

On Sensex, parent Emami's share price was trading at Rs209 per piece flat compared to the previous closing at around 2.14 pm. The stock has touched an intraday high and low of Rs213 per piece and Rs208 per piece respectively.


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