Mumbai, Dec. 23 -- Orient Cement climbed 4.94% to Rs 171.95. Ambuja Cements gained 2.03% to Rs 550.95. However, ACC fell 0.78% to Rs 1762.

In a regulatory filing, Ambuja said its board has approved schemes to amalgamate ACC and Orient Cement into Ambuja Cements. The move will create a single pan-India cement platform. The transaction is subject to regulatory and shareholder approvals and is expected to be completed within one year.

Under the proposed share swap, Ambuja will issue 328 equity shares of face value Rs 2 each for every 100 ACC shares of face value Rs 10 each. Orient Cement shareholders will receive 33 Ambuja shares of face value Rs 2 each for every 100 shares of Orient Cement with face value Re 1.

The company said the merge...