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India's Ultratech, Samruddhi Cement Boards OK Merger

MUMBAI -(Dow Jones)- The boards of India's Ultratech Cement Ltd. (532538.BY) and Samruddhi Cement Ltd. Sunday approved the merger of Samruddhi into Ultratech.

Under the terms, Samruddhi's shareholders will receive four shares of UltraTech Cement for every seven shares held.

Ultratech, one of India's largest cement manufacturers by output, and Samruddhi, are both units of Grasim Industries Ltd. (500300.BY).

Grasim, which owns 54.78% of Ultratech, last month spun off its cement business into the wholly owned unlisted unit Samruddhi, paving the way for the merger.

-By Shikhar Balwani, Dow Jones Newswires; +91 22 6145 6123; shikhar.balwani@ dowjones.com

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  11-15-090458ET
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