JSW Cement to amalgamate Shiva Cement

JSW Cement Limited's Board of Directors has approved a Scheme of Arrangement for the amalgamation of its subsidiary, Shiva Cement Limited (SCL), with itself. The scheme, subject to shareholder and regulatory approvals, involves the reorganization of reserves of both companies. Specifically, SCL's accumulated losses will be adjusted against its Securities Premium Account. The amalgamation aims to right-size SCL's financial statements. JSW Cement holds 66.23% of SCL's equity. The transaction is considered a related party transaction but is expected to have no benefit to promoters and no impact on shareholding patterns.