At meeting held on 20 May 2018
The Board of Century Textiles & Industries at its meeting held on 20 May 2018 has approved the draft scheme of arrangement amongst the company, UltraTech Cement and their respective shareholders.The Scheme, inter alia, provides for the demerger of the Cement Business (as defined in the Scheme) of the Company into UltraTech Cement. Post effectiveness of the Scheme, the equity shares of Ultra Tech Cement Limited shall be issued to the eligible shareholders of the Company.
The Scheme as aforesaid is subject to necessary approvals by the stock exchanges, Securities and Exchange Board of India, Competition Commission of India, shareholders and creditors of the company(ies), Mumbai Bench of National Company Law Tribunal and such other statutory and regulatory approvals as may be required.
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