Century Textiles and Industries has received approval from its board, for a scheme of arrangement for demerger of its cement business into UltraTech Cement.

As per the scheme, the shareholders of Century Textiles will get 1 equity share of UltraTech, for every 8 equity shares of Century Textiles of face value Rs.10 each. The transaction is subject to the necessary statutory and regulatory approvals including approvals from various institutions like NCLT, the Stock Exchanges, SEBI, Competition Commission of India (CCI), the respective shareholders and lenders / creditors of each of the companies.

Furthermore, it is expected that the transaction is expected to be completed in the next 6 to 9 months.

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