Explained: What merger of Ambuja Cements, ACC, Orient Cement means for Adani shareholders

Ambuja Cements’ board approved merger schemes to combine ACC and Orient Cement into Ambuja through share swaps, with no cash payout. ACC shareholders will get 328 Ambuja shares for every 100 ACC shares, while Orient shareholders receive 33 Ambuja shares per 100 Orient shares. The swap values ACC near its current market price and offers Orient a roughly 9% premium.