ACC-Ambuja Cements Merger: Shareholders to Vote on September 29, 2026
ACC Limited is set to hold a meeting of its equity shareholders on September 29, 2026, to seek approval for its proposed merger with parent company Ambuja Cements Limited. The meeting will allow shareholders to vote on the Scheme of Amalgamation, which proposes to consolidate ACC’s operations, assets and liabilities into Ambuja Cements.
The proposed merger is aimed at creating a more integrated cement business by combining operations, resources and corporate functions while potentially generating cost and operational synergies.
ACC Shareholders’ Meeting on September 29
The shareholder meeting will be conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM).
Key Dates
| Event | Details |
|---|---|
| Shareholders’ Meeting | September 29, 2026, at 10:30 a.m. IST |
| Meeting Format | VC / OAVM |
| E-Voting Cut-off Date | September 22, 2026 |
| Remote E-Voting Starts | September 24, 2026, at 9:00 a.m. IST |
| Remote E-Voting Ends | September 28, 2026, at 5:00 p.m. IST |
The meeting has been convened pursuant to the directions of the National Company Law Tribunal (NCLT), Ahmedabad Bench, following its order dated July 29, 2026.
Proposed ACC-Ambuja Cements Merger
Under the proposed Scheme of Amalgamation, all assets, liabilities, undertakings and operations of ACC Limited will be transferred to and vested in Ambuja Cements on a going-concern basis.
Following the completion of the scheme, ACC Limited will be dissolved without winding up.
The appointed date for the amalgamation has been fixed as January 1, 2026.
Ambuja Cements Currently Owns 50.05% of ACC
Ambuja Cements currently holds 50.05% of the paid-up equity share capital of ACC Limited.
Under the proposed scheme, the ACC shares already held by Ambuja Cements will be cancelled and extinguished.
The remaining ACC shareholders will receive shares of Ambuja Cements based on the approved share exchange ratio.
ACC Share Exchange Ratio
The proposed share exchange ratio provides:
328 fully paid-up equity shares of Ambuja Cements, having a face value of ₹2 each, for every 100 fully paid-up equity shares of ACC Limited, having a face value of ₹10 each.
This share-based consideration is intended to provide continuing shareholders of ACC with an ownership interest in the enlarged Ambuja Cements entity following the merger.
Authorized Share Capital to Be Reorganized
As part of the proposed amalgamation, ACC Limited’s authorized share capital will be reorganized and subsequently consolidated into the authorized share capital of Ambuja Cements.
This is part of the broader legal and corporate restructuring contemplated under the Scheme of Amalgamation.
Why Are ACC and Ambuja Cements Merging?
The proposed merger is designed to create operational and financial efficiencies by bringing the two cement businesses under a more integrated structure.
Operational and Cost Synergies
The consolidation is expected to eliminate overlapping activities and standardize manufacturing processes across the combined business.
The merger is also expected to remove duplication in corporate and administrative functions, potentially generating recurring cost savings.
Economies of Scale
Combining logistics, procurement and other resources could help the merged entity achieve greater economies of scale.
The integration could also improve the utilization of financial and operational resources while strengthening working capital management.
Stronger Financial Platform
The consolidation is expected to pool the resources of ACC and Ambuja Cements, potentially creating a stronger balance sheet and improving financial flexibility for the combined cement business.
For investors, the key factor will be whether the anticipated synergies translate into sustainable improvements in margins, cash flows and return ratios over the longer term.
Employee Interests to Be Protected
The scheme provides for the transfer of ACC’s employees and staff to Ambuja Cements.
Employees will be transferred on terms and conditions that are no less favourable than those applicable immediately before the transfer.
Their past service will also be recognized, ensuring continuity and an uninterrupted service record.
Regulatory Approvals Received So Far
The proposed merger has already progressed through several regulatory steps.
ACC and Ambuja Cements received no-objection and no-adverse-observation letters from NSE and BSE on June 4, 2026.
However, these observations do not represent final approval of the merger.
The transaction remains subject to the approval of the requisite majority of shareholders and creditors, as applicable, as well as the final sanction of the NCLT and fulfillment of other conditions specified under the scheme.
What Happens Next?
The immediate milestone is the ACC shareholders’ meeting on September 29, 2026.
Eligible shareholders can participate in the remote e-voting process from September 24 to September 28, 2026 and vote on the proposed Scheme of Amalgamation.
If the required approvals are obtained and all other conditions are satisfied, the merger can proceed toward final implementation.
Investor Takeaway
The proposed ACC-Ambuja Cements merger represents a significant step toward consolidating the two cement businesses under Ambuja Cements.
The transaction combines ACC’s assets, operations and liabilities with Ambuja Cements while offering eligible ACC shareholders shares in the resulting enlarged Ambuja Cements structure based on the proposed 328:100 share exchange ratio.
The potential benefits include cost savings, operational efficiencies, economies of scale, better resource utilization and a stronger financial platform. However, the merger is not yet final and remains subject to shareholder, creditor, NCLT and other applicable approvals.
Investors should closely monitor the outcome of the September 29 shareholder meeting and subsequent regulatory developments before assessing the final impact of the proposed consolidation.
Disclaimer: This article is based on the information provided regarding the proposed ACC Limited–Ambuja Cements Limited Scheme of Amalgamation and is intended for informational and educational purposes only. It should not be considered investment advice or a recommendation to buy or sell any security. Investors should independently verify the scheme documents, exchange ratio, voting requirements, and regulatory approvals and consult a qualified financial adviser before making investment decisions.