Binani Cement, Jaiprakash, India Cements: The Cement Shares That Do Not Convert Into UltraTech

UltraTech Cement has spent twenty years absorbing other cement companies. Demergers, mergers, insolvency purchases, asset buyouts, open-market stake acquisitions.

They are not the same thing, and they do not produce the same outcome for shareholders.

We have already published the six events that genuinely convert old shares into UltraTech Cement shares. This page is the other half of the answer — the companies that people believe give them UltraTech shares, and do not.

It matters because both mistakes are expensive. Assuming your certificate is dead paper when it is worth lakhs is one error. Spending a year and a lawyer chasing an entitlement that does not exist is the other.

Binani Cement — the hardest answer on this page

Binani Cement shareholders received nothing. No UltraTech shares. No cash. The equity was extinguished.

We say this plainly because holders deserve the truth rather than a maybe. Here is what actually happened.

2010–2011: the delisting

The board decided to delist in October 2010. A reverse book-building process settled on an exit price of ₹90 per share, accepted by the promoter. Trading was discontinued from 23 May 2011 and the company was formally delisted from the BSE and NSE with effect from 30 May 2011. Residual shareholders who had not tendered could still sell to the promoter at ₹90 — but only until 29 May 2012. That window closed fourteen years ago.

2017–2018: the insolvency

By the time insolvency proceedings began, the promoter held about 98.43% and public shareholders around 1.57%. Binani Cement was admitted to the corporate insolvency resolution process in July 2017. UltraTech’s revised resolution plan of roughly ₹7,950 crore was approved by the NCLAT on 14 November 2018 and upheld by the Supreme Court days later. The acquisition completed on 20 November 2018, and the company was renamed UltraTech Nathdwara Cement Limited on 13 December 2018. It was later amalgamated into UltraTech, with an appointed date of 1 April 2023.

Where the ₹7,950 crore went

To financial and operational creditors, at close to the full value of their claims. There was no payment to existing equity shareholders. Under the Insolvency and Bankruptcy Code, equity ranks last. When a resolution plan is approved under Section 31, it binds everyone, and residual equity is extinguished so the buyer takes a clean slate.

The one thing worth checking: whether any dividends declared by Binani Cement before the delisting went unclaimed, and whether those amounts were subsequently transferred to the IEPF. That is a separate question from the share entitlement, and it can be answered.

Jaiprakash Associates — a cash purchase, not a share swap

UltraTech acquired cement plants from Jaiprakash Associates for ₹16,189 crore in cash, completing in June 2017.

That was an asset purchase. UltraTech bought plants. It did not merge with Jaiprakash Associates and it did not issue shares to Jaiprakash shareholders.

JAL shareholders received nothing in UltraTech. The consideration went to the company, not to its shareholders. If you hold Jaiprakash Associates shares, you hold Jaiprakash Associates shares — whatever they are currently worth, and whatever the company’s own subsequent history has done to them.

India Cements — still a separate listed company

UltraTech bought 22.77% of India Cements in June 2024 and a further 32.72% completing in December 2024, taking it to 55.49% and control.

That was a purchase of shares from other shareholders. It was not a scheme of arrangement and there was no exchange ratio.

India Cements remains separately listed. India Cements shares are still India Cements shares. No swap ever took place, and none is required for you to own what you own.

This one is worth stating clearly because “UltraTech acquired India Cements” reads, in a headline, exactly like the Century Textiles and Kesoram transactions — which did produce UltraTech shares. The difference is the legal mechanism, not the outcome for the business.

Star Cement — an 8.69% stake, nothing more

UltraTech purchased a minority stake of 8.69% in Star Cement in December 2024.

No swap. No scheme. Star Cement is still separately listed and its shareholders’ holdings are unaffected.

Aditya Birla Nuvo — the near-miss that catches people out

This one is genuinely confusing, so it is worth walking through slowly.

Indian Rayon & Industries demerged its cement business into Grasim in September 1998. Those Grasim shares did eventually lead to UltraTech shares — we set out that path in the main article.

Indian Rayon then renamed itself Aditya Birla Nuvo. In 2017, Aditya Birla Nuvo merged into Grasim at 15 Grasim shares for every 10 ABNL shares.

That 2017 merger produces no UltraTech shares. It happened seven years after Grasim’s cement business had already gone. There was no cement left in Aditya Birla Nuvo to demerge.

So: an Indian Rayon certificate from before September 1998 sits at the head of a chain that can reach UltraTech. An Aditya Birla Nuvo certificate from 2010 does not. Same corporate lineage, completely different answer — and the difference turns entirely on the date.

The wholly-owned subsidiaries — never listed at all

Dakshin Cements. Harish Cement. Gotan Limestone Khanij Udyog. Bhagwati Limestone.

These names appear in UltraTech’s corporate history and in old scheme documents, which is why they surface in searches. None of them was ever a listed company. They had no public shareholders. There is no certificate to hold and no entitlement to claim.

The number that should make you careful

There are 52 delisted or suspended entities on the BSE with the word “cement” in the name.

Three of them are in the UltraTech chain — Narmada Cement, Samruddhi Cement and Binani Cement. And of those three, only two produce UltraTech shares.

The other 49 went to other groups, or were absorbed elsewhere, or simply failed.

So “I have shares in a delisted cement company” tells you almost nothing on its own. The probability that any given delisted cement certificate leads to UltraTech is low. The probability that it leads somewhere — a different acquirer, an IEPF pool, an unclaimed dividend account — is considerably higher.

That is the point of checking properly rather than guessing in either direction.

If you’re in the “no” column, you are not necessarily empty-handed

A certificate that does not convert into UltraTech shares can still be worth a great deal. Three things are worth checking on any old holding.

The company may still be listed and the shares may still be yours

India Cements, Star Cement, Jaiprakash Associates, Century Textiles and Kesoram Industries are all separately listed today. If you hold physical certificates in any of them, those shares exist, they have value, and they cannot be sold until they are dematerialised — the same physical-to-demat problem described here.

The dividends may have gone to the IEPF

Every listed company transfers shares to the Investor Education and Protection Fund once dividends have gone unclaimed for seven consecutive years. That process is company-agnostic. It applies to India Cements holders and Century Textiles holders exactly as it applies to UltraTech holders.

The holding may be sitting in a frozen folio or a suspense account

Again, not specific to UltraTech.

In other words: the question “do I get UltraTech shares?” is only one of the questions worth asking about an old certificate, and often not the most valuable one.

Frequently Asked Questions

What happened to Binani Cement shares — can I get UltraTech shares or money for them?
No. Binani Cement was delisted with effect from 30 May 2011 following a reverse book-building exit at ₹90 per share, with a residual tender window that closed on 29 May 2012. UltraTech subsequently acquired the company through the insolvency process in November 2018, and under the approved resolution plan the existing equity was extinguished. Public shareholders received no UltraTech shares and no payment.

Did Jaiprakash Associates shareholders get UltraTech shares?
No. UltraTech bought cement plants from Jaiprakash Associates for ₹16,189 crore in cash, completing in June 2017. It was an asset purchase, not a merger, so no shares were issued to Jaiprakash shareholders.

UltraTech acquired India Cements — do I get UltraTech shares?
No. UltraTech purchased shares from other shareholders to reach a 55.49% controlling stake by December 2024. There was no scheme of arrangement and no exchange ratio. India Cements remains separately listed and your India Cements shares remain India Cements shares.

Do Aditya Birla Nuvo shareholders get UltraTech shares?
No. Aditya Birla Nuvo merged into Grasim in 2017 at 15 Grasim for every 10 ABNL shares — seven years after Grasim’s cement business had already been demerged. That merger produces no UltraTech entitlement. An older Indian Rayon holding from before September 1998 is a different matter.

My old cement company is delisted. Does that mean UltraTech absorbed it?
Almost certainly not. There are 52 delisted or suspended BSE entities with “cement” in the name, and only three are in the UltraTech chain. A delisted cement company is far more likely to have gone to another group or failed entirely.

Is my Binani Cement certificate worth anything at all?
Not as a share entitlement. It may still be worth checking whether any dividends declared before the 2011 delisting went unclaimed and were later transferred to the IEPF — that is a separate question with a separate answer.

Not sure which column you’re in? Ask us — it costs nothing to find out.

Send us the details on the certificate — company name, share count, folio number, holder’s name. We will tell you honestly whether it converts, what it converts into, and whether there is anything worth pursuing.

If the answer is no, we will tell you that too, and there will be no charge for the answer.

Zero advance — you pay only once the shares are credited to your demat account. There is no token fee, no consultation fee and no retainer, and this applies whether you are in India or an NRI managing it from overseas.

Send us your certificate details and we will tell you exactly what you hold →

Continue reading

• The full UltraTech conversion table — L&T, Grasim, Century Textiles, Kesoram, Narmada, Samruddhi and Indian Rayon →
• The six situations: what it takes to get old shares back into your demat account →

This page is general information about corporate actions, not investment or legal advice. Facts stated are drawn from exchange filings, NCLAT and Supreme Court proceedings, and company announcements. Your individual position depends on your folio record with the relevant registrar. Last reviewed 23 August 2026.