Gujarat Sidhee Cement Limited (BSE:518029) made a proposal to acquire Bhadra Textiles And Trading Private Limited from Galaxy Technologies Private Limited and The Mehta International Mauritius Limited for INR 890 million on May 13, 2020. In the meeting of Board of Directors scheduled on May 19, 2020, the proposal of amalgamation will be considered. As of May 19, 2020, the Board considered and approved the draft scheme of amalgamation. Under the scheme, (i) Gujarat Sidhee Cement Limited will issue and allot 48.8 million new equity shares of Rs.10/- each as fully paid up to the equity shareholders of Bhadra Textiles And Trading Private Limited in proportion of their holding in Gujarat Sidhee Cement Limited. The New Equity Shares shall rank pari-passu in all respects, including dividend, with the existing equity shares of Gujarat Sidhee Cement Limited, (ii) the issued, subscribed and paid up share capital of Gujarat Sidhee Cement Limited to the extent held by Bhadra Textiles And Trading Private Limited in Gujarat Sidhee Cement Limited shall be automatically cancelled and (iii) the equity shares of the VTCPL held by the Gujarat Sidhee Cement Limited directly and/or through its nominee(s) constituting the entire paid up share capital of the Villa Trading Company, will stand cancelled. Accordingly, there will be no issue of shares of the Gujarat Sidhee Cement Limited to the shareholders of the Villa Trading Company. Pursuant to the Scheme, there will no change in the shareholding of Promoter Group and Public Shareholders of Gujarat Sidhee Cement Limited. Bhadra Textiles And Trading Private Limited had total assets of INR 491 million and total equity of INR 490 million as of September 30, 2020. Employees of Bhadra Textiles And Trading Private Limited will become employees of Gujarat Sidhee Cement Limited. The scheme would be subject to the approval of NCLT (Ahmedabad Bench) and such other competent authority and various statutory approvals, shareholders, lenders/ creditors of each of the Company as may be directed by NCLT. The scheme would also require approval from majority of public shareholder of GSCL. As on January 13, 2021, meeting of Unsecured Creditors of Gujarat Sidhee Cement Limited will be held on February 22, 2021, at 3:30 P.M IST to approve the proposed the scheme of amalgamation. As of June 24, 2021, National Company Law Tribunal has approved the Scheme of Amalgamation of Bhadra Textiles and Trading Private Limited and Villa Trading Company Private Limited with Gujarat Sidhee Cement Limited and their respective shareholders and creditors. Fortress Capital Management Services Private Limited acted as fairness opinion advisor to Gujarat Sidhee Cement and recommended the exchange ratio to be fair and reasonable. SSPA & Associates acted as accountants to Board of Directors of Bhadra Textiles And Trading Private Limited and Gujarat Sidhee Cement.