Shares of ACC and Ambuja Cements declined at 9:45 IST on BSE after the boards of these two companies decided to call off the proposed merger between the firms at this juncture.
The announcement was made after market hours yesterday, 26 February 2018.ACC (down 2.01% at Rs 1,629.90) and Ambuja Cements (down 3.93% at Rs 252) dropped.
Meanwhile, the S&P BSE Sensex was up 35.97 points or 0.1% at 34,481.72.
It may be recalled that ACC and Ambuja Cements had in May 2017 informed about the constitution of a special committee of directors for the purpose of exploring the possibility of a merger between the two companies.
ACC and Ambuja Cements, now, said that they are not proceeding with the merger at this juncture due to certain constraints, though this remains the ultimate objective. In the meantime, with the intention to maximize synergies between the companies and to unlock value for the shareholders, the boards have approved for mutual purchase and sale of materials and services.
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