JSW Cement and Shiva Cement approved a proposed merger scheme on 29 September 2026, but the merger is not complete: shareholder, NCLT and other required approvals are still pending. If the scheme takes effect, eligible Shiva Cement shareholders other than JSW Cement will receive 5 JSW Cement shares for every 41 Shiva Cement shares they hold, with no cash consideration.
What the boards approved—and what remains
Each company’s board approved a scheme of arrangement under which Shiva Cement Limited, the transferor, would be amalgamated into JSW Cement Limited, the transferee. The scheme also provides for reorganizing reserves of both companies and related consequential matters. The approvals are subject to shareholders’ approval and the statutory and regulatory approvals required for the scheme to become effective, including approval by the National Company Law Tribunal (NCLT), Mumbai Bench.
As an Amazon Associate I earn from qualifying purchases.
Shiva Cement is already a subsidiary: JSW Cement disclosed that it held 66.23% of Shiva Cement’s paid-up equity share capital. The proposed arrangement would bring the subsidiary into its parent through the scheme, rather than through a cash purchase offer.
Share-swap terms for Shiva Cement shareholders
On the scheme becoming effective, eligible holders other than JSW Cement are to receive the following consideration:
#1 Best Overall
- The Ardex TLT building panel, an insulation XPS foam board for shower systems, provides builders and tile contractors with a robust, lightweight, suitable for residential and commercial projects.
- In modern construction, the shower wall board stands as a true game-changer, for lasting value and dependable results, a dependable option for tile and stone installations.
- Designed to meet the demands of today's construction industry, these innovative shower wall panels redefine building materials' efficiency, versatility and sustainability.
- Offering the same high-performance waterproofing and insulation as Wedi boards, engineered for durable, reliable everyday performance, for lasting value and dependable results.
- Ardex TLT XPS foam boards stand as a reliable selection for crafting structures that endure through time, with easy handling on the job site, built to perform reliably job after job.
| Item | Scheme term |
|---|---|
| Exchange ratio | 5 fully paid JSW Cement equity shares for every 41 fully paid Shiva Cement equity shares |
| Face value | ₹10 per JSW Cement share; ₹2 per Shiva Cement share |
| Cash consideration | None |
| New-share rights | Shares allotted under the scheme rank equally with existing JSW Cement shares for dividends, bonus issues, voting and other corporate benefits |
| Record date | Not specified in the board outcome |
JSW Cement’s existing shares in Shiva Cement will be cancelled; they will not be exchanged for new JSW Cement shares. The final entitlements for eligible shareholders will depend on the record date and fractional-entitlement calculations under the scheme.
Projected JSW Cement shareholding after the arrangement
JSW Cement’s filing includes an illustrative shareholding projection. It is not a final post-merger share count: the filing says the outcome remains subject to the eventual record-date fractional-entitlement calculation.
Rank #2
- Durable Material and Size Configurations: our cement board tape is made from pressure sensitive and alkali resistant heavy fiberglass mesh, ensures it endures high humidity environments usage while maintaining its functionality; The tape measuring about 150 ft x 4 inches, making it ideal for applications such as floors, countertops, kitchens, and bathrooms
- Package Contents and Easy Application: our package includes 1 cement board joint tape designed for easy application; The self adhesive feature means no need for separate glue products; The adhesive made from acrylic, ensuring strong bonding power and durability while liquefying this product's time saving
- Designed for High Humidity Environments: the tape fiberglass mesh material is specifically designed to in high humidity environments; Whether you're reinforcing joints in your bathroom or kitchen, this tape will resist the common wear and tear caused by humidity exposure
- Time Saving: the cement board joint tape reduces taping time, thanks to its self adhesive feature and easy application process; This results in not just labor savings, but also easy efficient and rapid project completion
- Durability: the cement board joint tape boasts durability due to its fiberglass mesh construction; What's more, it is resistant to tears, ensuring it keeps its structural integrity even in tough conditions
| Category | Before | Projected after |
|---|---|---|
| Promoter and promoter group | 72.02% | 71.39% |
| Public | 27.03% | 27.67% |
| Non-promoter, non-public | 0.95% | 0.95% |
| Total JSW Cement shares | 1,36,33,64,936 | 1,37,55,13,537 |
Why the companies say they want to combine
The companies’ stated industrial rationale focuses on Shiva Cement’s clinker facility at Sundargarh, Odisha. JSW Cement’s 29 September 2026 filing gives the facility’s capacity as 1.32 million tonnes per annum. The companies say integrating that clinker operation with JSW Cement’s cement business could strengthen backward integration and reduce reliance on external clinker procurement.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsThe filings also describe expected corporate and operational benefits, including pooling financial, managerial, technical, distribution and marketing resources; improving coordination and day-to-day operations; reducing costs and duplicated administration and compliance; accessing funding through one entity; and reducing inter-company guarantees. These are the companies’ expectations, not demonstrated outcomes of a completed merger.
Rank #3
- Cement Board Tape - The fiberglass mesh self-adhesive tape is alkali-resistant for long term performance. The self-adhering reduces taping time. The durability characteristc resists tears and will not shrink
- Cement Board Screws - 150 Pieces concrete board screws, enough for completing big cement board repairing jobs, the star drive with T-25 bit for easy 1-handed installation and eliminates cam-outs. The sharp point offers immediate pick-up and eliminates the need to pre-drill
- Application Scenes - The cement tape works for reinforcement of cement board joints. The cement screws are used to attach cement board to wood or light gauge steel studs, ruspert coating provides protection against rust and corrosion. An ideal tool set for use in high moisture areas such as showers, backplashes, countertops and floors
- User Instruction - Impact driver pins the screw into the board; apply the cement board tape to cover the screws; cover the cement tape with putty for painting work (putty and trowel are not included)
- Package Contents - 1*cement board tape, Size : 1-7/8'' x 50' (48 mm x 15 m). 150* 1-5/8'' cement board screws. 1*sandblasting screwdriver bit, length : 2'' (50 mm). Repairing the cement board will not be a trouble anymore
Company scale disclosed in the filing
JSW Cement’s filing reports the following standalone figures. Turnover is for FY2025–26; net worth is as at 31 March 2026. All amounts are in ₹ crore.
| Company | Standalone turnover, FY2025–26 | Standalone net worth, 31 March 2026 |
|---|---|---|
| JSW Cement | 5,995.28 | 7,029.47 |
| Shiva Cement | 435.17 | Negative 30.08 |
Related-party disclosure and valuation process
Because Shiva Cement is JSW Cement’s subsidiary, the companies’ filings characterize the proposed merger as a related-party transaction. They state that independent registered valuers determined the consideration and that an independent Category 1 merchant banker issued a fairness opinion. Those are disclosures about the process described in the filings; they do not mean the scheme has received all approvals or that expected synergies are assured.
Rank #4
- Each Wedi building panel covers 10.7 Sq Ft (1 Sq M) Total Coverage: 5 Pcs - 53.3 Sq Ft (5 Sq M) 10 Pcs - 106.7 Sq Ft (10 Sq M) 15 Pcs - 160 Sq Ft (15 Sq M) 100 Pcs -1066.7 Sq Ft (99 Sq M) About.
- The embedded mesh eliminates the risk of elimination of installation layers The insulation board blue waterproof core is CFC- and HBCD-free, made from waterproof extruded polystyrene foam, reinforced.
- This makes the Wedi building board an ideal basis for any type of plaster and tile, indoors and where rated outdoors, suitable for residential and commercial projects.
- Wedi building boards can be applied to practically any substrate, serving as waterproof, insulating, versatile, light and robust material, a dependable option for tile and stone installations.
- The blue XPS core is 100% waterproof and remains fully functionaleven after possible damage. The prefabricated Wedi building board butt joints can be sealed simply using Wedi joint sealant.
When could the merger be completed?
A 30 September 2026 Press Trust of India report carried by Business Standard said the proposal also requires approvals from stock exchanges, SEBI, the Odisha Industrial Infrastructure Development Corporation and other statutory and regulatory authorities, as well as shareholders and creditors. The report conveyed the company’s expected completion window of 12–14 months, subject to timely approvals. That is a reported company expectation, not a guaranteed deadline.
Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →The scheme names 1 April 2026 as its appointed date. That date does not mean the merger legally took effect then. Under the scheme, Shiva Cement would cease to exist without winding up only once the scheme becomes effective after the necessary approvals.
Best Value
- Durable Material and Size Configurations: our cement board tape is made from pressure sensitive and alkali resistant heavy fiberglass mesh, ensures it endures high humidity environments usage while maintaining its functionality; The tape measuring about 250 ft x 4 inches, making it ideal for applications such as floors, countertops, kitchens, and bathrooms
- Package Contents and Easy Application: our package includes 1 cement board joint tape designed for easy application; The self adhesive feature means no need for separate glue products; The adhesive made from acrylic, ensuring strong bonding power and durability while liquefying this product's time saving
- Designed for High Humidity Environments: the tape fiberglass mesh material is specifically designed to in high humidity environments; Whether you're reinforcing joints in your bathroom or kitchen, this tape will resist the common wear and tear caused by humidity exposure
- Time Saving: the cement board joint tape reduces taping time, thanks to its self adhesive feature and easy application process; This results in not just labor savings, but also easy efficient and rapid project completion
- Durability: the cement board joint tape boasts durability due to its fiberglass mesh construction; What's more, it is resistant to tears, ensuring it keeps its structural integrity even in tough conditions
What to watch as the proposal moves forward
- Approvals: Track shareholder, creditor, NCLT Mumbai Bench and other required statutory and regulatory decisions; board approval alone does not complete the transaction.
- Final allotment details: Watch for the announced record date and the resulting entitlements, including treatment of fractional shares.
- Shareholding outcome: Compare the eventual JSW Cement share count and ownership mix with the filing’s illustrative projection.
- Evidence of operating benefits: Assess whether clinker procurement, operating coordination, costs or financing show measurable changes after effectiveness rather than treating projected savings as achieved.
JSW Cement CEO Nilesh Narwekar described the proposal as a step toward a more integrated and efficient business, citing synergies, stronger backward integration, a simpler corporate structure and a chance for Shiva Cement’s public shareholders to participate in a larger, more liquid listed entity. His remarks, carried by Business Standard from a PTI report, present the company’s rationale rather than independent evidence that those benefits have already materialized.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
