Aditya Birla group company Grasim Industries said its shareholders and creditors have approved the demerging of its cement business into its wholly-owned subsidiary Samruddhi.
Samruddhi would be later merged with UltraTech Cement, another group company into cement manufacturing.
The equity shareholders and creditors of the company at the Court convened meetings held on January 4, 2010 have unanimously approved the Scheme of Arrangement between Grasim Industries and Samruddhi Cement,’ Grasim said in a filing to the Bombay Stock Exchange.
On completion of the demerger, Grasim would hold 65 per cent in Samruddhi while Grasim shareholders would hold the balance 35 per cent.
The group, which had acquired UltraTech from engineering giant Larsen & Toubro in 2004, had planned to hive-off Grasim cement into Samruddhi, a wholly-owned subsidiary of Grasim Industries.
Last year, Grasim Industries had said it would consolidate its cement businesses by merging Grasim cement with UltraTech, which together will have a capacity of 49 million tonnes per annum or 20 per cent of the country’s cement production.
Shares of Grasim ended negative at Rs 2665.50, down by 2.50 per cent on the BSE, brokers said.
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