Dalmia Bharat and OCL India disclosed that their boards have given the approval for the merger of the two firms to simplify the group structure, with one listed entity that will make the country's 4th largest cement player.The merged entity will be named as Dalmia Bharat Ltd (DBL).
The company’s BSE filling read that the Board of Directors of Dalmia Bharat Ltd, OCL India Ltd, Dalmia Cement (Bharat) Ltd and Odisha Cement Limited approved a Scheme of Arrangement and Amalgamation for the merger of Dalmia Bharat with OCL India and merged entity will be called as Dalmia Bharat Ltd.
At the same time, the business undertakings of OCL will be shifted into DCBL consolidating DCBL's cement manufacturing capacity within same legal entity. The company further added that the respective boards considered the plans to reorganize the businesses with an idea to simplify the group structure, create one listed entity, consolidate into a single operating cement company, pursue focused growth towards Pan India presence and renewed and sharper focus on sustainable development.
Puneet Dalmia, Dalmia Bharat Group MD said that this action further boosts their position as one of the leading cement players in India, uniquely positioned to support India's economic growth and demonstrates their commitment towards achieving simplification and consolidation.
Directly or via its subsidiaries, DBL holds a 100 per cent stake in DCBL, whereas DCBL owns a 74.66 per cent stake in OCL. ODCL is a wholly-owned subsidiary of OCL. The scheme is subject to stakeholder. As the trading session commenced on 7th Nov, Dalmia Bharat share price is trading above 2 per cent at Rs. 2027.10. The stock opened at Rs. 2040.00 against its previous close at Rs. 1989.40. Dynamic Levels have identified Dalmia Bharat as one of the top 500 performing stocks for this quarter.
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