Aditya Birla group firm Ultratech Cement today said its board will meet on November 15 to discuss the the issues related with the merger of Samruddhi Cement with itself.
"A meeting of the board will be held on November 15 to consider the recommendation of the company's committee of directors," Ultratech Cement said in a filing to the Bombay Stock Exchange.
Aditya Birla group, which acquired UltraTech from engineering giant Larsen & Toubro (L&T) in 2004, had planned to hive-off Grasim cement into Samruddhi, a wholly owned subsidiary of Grasim Industries. The demerged entity would be listed and then merged with UltraTech.
On October 6, the company board at its meeting had discussed the proposal received from Samruddhi Cement in relation to a potential consolidation of the company with Ultratech Cement.
The board had constituted and authorised a committee of directors and officers of the company to evaluate and consider the proposal in consultation with legal and financial advisors.
