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OCL India, Dalmia Bharat gain as boards approve merger

SI Reporter / Mumbai 07 Nov 16 | 11:18 AM

Shares of Dalmia Bharat Group companies OCL India and Dalmia Bharat were trading higher by up to 7% on BSE in after their respective boards approved the merger of the two firms in an effort to simplify the group structure.

Among individual stocks, OCL India hit a record high of Rs 997, up 7% on BSE in intra-day trade. Dalmia Bharat was up 2.6% at Rs 2,043 in early trade.

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“The board of directors of Dalmia Bharat Limited (DBL), OCL India Limited (OCL), Dalmia Cement (Bharat) Limited (DCBL) and Odisha Cement Limited (ODCL) at their respective meetings held on 5th November, 2016 approved a scheme of arrangement and amalgamation for the merger of Dalmia Bharat Limited (DBL) with OCL India Limited (OCL) and merged entity to be renamed as Dalmia Bharat Limited," Dalmia Bharat said in a release.

Simultaneously, the business undertakings of OCL will be transferred into DCBL consolidating DCBL’s cement manufacturing capacity within same legal entity, it added.

DBL shareholders to receive 2 shares of the merged entity for every 1 share held.

“The merger will simplify the group structure, and create further consolidation in the cement sector. A move will create the fourth largest cement maker in the country with an installed capacity of 25 million tonnes per annum," DBL said in a release.

The scheme is subject to stakeholder approvals, regulatory approvals including stock exchanges and other relevant authorities and completion of the previously announced scheme of arrangement involving OCL and ODCL.

At 11:16 am, OCL India was up 5% at Rs 977, and Dalima Bharat by 2% at Rs 2,029 on BSE, as compared to 0.86% rise in the S&P BSE Sensex.

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