Shiva Cement To Merge Into JSW Cement In 5-For-41 Share Swap

Board approved amalgamation of Shiva Cement into JSW Cement under Sections 230-232, appointed date 1 Apr 2026. Share swap 5 JSW shares for every 41 Shiva shares; parent holding cancelled. First major restructuring after quarters of results-only filings; merges loss-making, parent-supported unit into larger parent for synergies, funding access and liquidity for public holders. Needs shareholder, stock exchange and NCLT Mumbai approvals; Shiva to cease to exist. Reserves right-sized, inter-company holdings cancelled. Effective date and debt recast not detailed.