Ambuja Cements: 99.98% vote backs ACC merger in 2026

The key development

Ambuja Cements Limited told stock exchanges that its equity shareholders have approved the Scheme of Amalgamation of ACC Limited with Ambuja Cements. The approval came through an NCLT-convened meeting held on September 29, 2026, conducted through Video Conferencing and Other Audio Visual Means (VC/OAVM). The company also shared the combined scrutinizer’s report for the voting results. This is a procedural milestone in a merger process being supervised under India’s company law framework. For investors, the update matters because it signals shareholder consent for a major consolidation step within the Adani Group’s cement operations.

What shareholders voted on

The resolution related to the Scheme of Amalgamation of ACC Limited (the amalgamating company) with Ambuja Cements Limited (the amalgamated company). Ambuja stated that the approval was passed as a Special Resolution under Sections 230 to 232 of the Companies Act, 2013. The meeting was convened pursuant to an NCLT order issued by the National Company Law Tribunal, Ahmedabad Bench. The same NCLT process also involved directions for ACC and Ambuja to hold separate shareholder meetings on the same date. Ambuja’s disclosures also referenced newspaper publications tied to dispatch of meeting notices, reflecting the compliance steps required in court-convened meetings.

Voting outcome: 99.98% in favour

Ambuja Cements reported that the Scheme was approved with 99.98% of the total valid votes cast in favour. Total valid votes polled were 2,26,81,20,094. Votes in favour accounted for 2,26,73,13,887 shares, while votes against were 5,47,772 shares, representing 0.02% of valid votes. The strong approval indicates broad shareholder support for the proposed merger as put to vote. The company’s exchange intimation highlighted that the combined scrutinizer’s report formed part of the disclosed outcome.

How the meeting was conducted

The NCLT-convened meeting of Ambuja Cements’ equity shareholders was held on September 29, 2026 at 12:30 pm IST. It was conducted via VC/OAVM, consistent with the tribunal’s directions in the first motion proceedings referenced in the disclosures. Separate timings were also laid out for ACC’s meeting, scheduled at 10:30 am IST on the same day. These timings were part of the NCLT-directed process to seek shareholder approval from both companies involved in the scheme. Ambuja’s reporting indicates the meeting followed the procedural framework specified by the tribunal.

Key dates: cut-off, e-voting window, record date

Ambuja Cements disclosed a cut-off date of September 22, 2026 to determine eligibility to vote. Remote e-voting was scheduled to open on September 24, 2026 and close on September 28, 2026. The material also mentioned August 14, 2026 as the record date for dispatch of notices. These dates are important in court-convened meetings because they define who can vote and how the voting process is administered. The company also referred to newspaper publications intimating completion of dispatch of the NCLT meeting notice.

NCLT order and exchange clearances referenced

The shareholder meeting process stemmed from an NCLT Ahmedabad Bench order dated July 29, 2026. Ambuja’s disclosures also referenced prior stock exchange observations for the scheme. Specifically, the company noted receiving “no adverse observations” from BSE and a “no objection” from NSE on June 04, 2026 for the Scheme of Amalgamation with ACC Limited. In addition, the NCLT Ahmedabad Bench was reported to have allowed the first motion petition linked to the proposed amalgamation. Together, these steps indicate that the proposal has moved through key stages of the regulatory and tribunal-led process as described in the exchange updates.

Appointed date and what it signifies

The disclosures cited January 1, 2026 as the appointed date for the merger. In amalgamation schemes, the appointed date is typically the date from which the scheme is treated as effective for specified purposes, subject to approvals and the scheme becoming operative as per legal process. Ambuja’s updates presented this appointed date as part of the formal scheme details shared in connection with the NCLT process. The company also described the merger as a step aligned with consolidation of the group’s cement operations.

Broader consolidation context: ACC, Orient Cement, and Sanghi

The broader set of updates referenced Ambuja’s board approval of separate schemes involving ACC and Orient Cement, described as part of a consolidated “One Cement Platform.” The material also noted that NCLT directed Ambuja Cements to hold a shareholder meeting on September 28, 2026 via video conference for the proposed merger with Orient Cement. Separately, the provided context mentioned NCLT greenlighting Ambuja Cements’ merger with Sanghi Industries, following Ambuja’s 2023 acquisition of Sanghi Industries at an enterprise value of ₹5,185 crore. These parallel developments highlight multiple legal and corporate steps being undertaken to simplify the structure across the cement businesses.

Market impact: what this update changes and what it does not

From a market perspective, the immediate change is procedural certainty on shareholder approval for the ACC amalgamation scheme as placed before Ambuja’s equity shareholders. The voting outcome reduces one major approval risk within the NCLT-directed process, based on the information disclosed. At the same time, the exchange intimation is not a final merger completion announcement by itself, because the scheme remains within the tribunal-led framework and involves multiple formal steps. Investors typically track these milestones because they affect timelines, integration planning, and corporate structure simplification. Ambuja’s disclosure also reiterates the role of tribunal orders and exchange observations in moving the scheme forward.

Key facts at a glance

What happens next

Ambuja’s communication positions shareholder approval as a completed step supported by the combined scrutinizer’s report. The next steps will continue to sit within the NCLT-led process for implementing the Scheme of Amalgamation, as indicated by the repeated references to tribunal orders and scheme updates. The company has also been issuing related compliance communications, including newspaper publications around dispatch of meeting notices. Separately, the other scheme-related updates involving Orient Cement remain part of the broader consolidation plan described in the provided material.

Conclusion

Ambuja Cements’ equity shareholders approved the ACC amalgamation scheme by a 99.98% majority at the NCLT-convened meeting held on September 29, 2026. The company’s disclosures also lay out the key dates, voting process, and regulatory references supporting the merger process. Going ahead, market participants are likely to watch further tribunal-led steps and subsequent exchange filings connected to completion of the scheme and related consolidation initiatives.