Held L&T, Grasim, Century Textiles or Kesoram Shares? Here’s Exactly How Many UltraTech Cement Shares You Own Today

Somewhere in your house — or in a locker, or in a file that belonged to your father — there may be a share certificate with a company name on it that no longer exists.

L&T Cement Limited. UltraTech CemCo Limited. Narmada Cement Company. Samruddhi Cement.

You searched the name. Nothing came up. You assumed the shares were worthless and put the certificate back in the file.

They are almost certainly not worthless. Six separate corporate actions between 1998 and 2025 turned shares in six different companies into shares of UltraTech Cement Limited — India’s largest cement company, trading around ₹11,600 a share in August 2026.

This page gives you the exact conversion ratio for every one of those six events. No estimates. Every ratio below comes from a company filing, an exchange announcement or a press release.

Work out your number. Then read what it takes to actually get those shares into your demat account — because the calculation is the easy part.

Has UltraTech Cement ever issued a bonus share or split its stock?

No — not once since it listed in 2004. The face value has stayed at ₹10 throughout. The BSE corporate actions record for scrip 532538 shows 19 actions, and every single one is a dividend.

This matters more than it sounds. It means whatever number of UltraTech shares you were allotted is the number you hold today. They never multiplied. There is no compounding to unpick on the UltraTech side.

All of the complexity sits upstream, in the companies you originally held.

Before anything else: check if it is just a name change

If your certificate says L&T Cement Limited or UltraTech CemCo Limited, stop. That is not a merger. That is the same company under an older name.

The ISIN never changed: INE481G01011. BSE scrip code 532538. NSE symbol ULTRACEMCO.

No exchange took place. No ratio applies. Your share count is unchanged. If your certificate says L&T Cement or UltraTech CemCo for 100 shares, you own 100 UltraTech Cement shares.

The six events that create UltraTech shares

The distinction that trips up almost everybody

Events 1, 3, 5 and 6 are DEMERGERS. You kept your original shares and received UltraTech shares on top. If you held Century Textiles on 14 October 2019, you still own your Century Textiles shares — plus UltraTech shares you may never have been told about.

Events 2 and 4 are MERGERS. The original share was extinguished and replaced. Narmada Cement and Samruddhi Cement no longer exist in any form. If you hold a Narmada Cement certificate, you hold UltraTech shares and nothing else.

Getting this backwards is the single most common error we see.

The quick-reference multiplier

Multiply the number of shares on your certificate by this figure:

Fractions were never rounded up

In every one of these schemes, fractional entitlements were pooled, sold in the open market, and the cash proceeds distributed to shareholders.

So 100 Narmada Cement shares became 5 UltraTech shares plus a cheque — not 5.56 shares. For the 2004 L&T demerger, the fractional payout was declared on 6 September 2004 at ₹367.22 per L&T fraction and ₹59.47 per CemCo fraction.

If nobody ever banked that cheque, that money is very likely sitting unclaimed too.

Worked examples — 100 shares of each

100 Larsen & Toubro shares (FV ₹10), bought before May 2004

• May 2004 → 50 L&T shares (FV ₹2) + 40 UltraTech shares
• L&T then issued bonuses: 1:1 in 2008, 1:2 in 2013, 1:2 in 2017 → your 50 L&T shares became 225
• Your 40 UltraTech shares never changed

Today: 225 Larsen & Toubro shares + 40 UltraTech Cement shares.

At August 2026 prices, those 40 UltraTech shares alone are worth roughly ₹4.6 lakh — before counting the L&T shares, and before counting twenty-two years of unpaid dividends.

100 Grasim Industries shares (FV ₹10), held on 28 May 2010

• → 100 Samruddhi Cement shares → 100 × 4/7 = 57.14 → 57 UltraTech shares + cash for the fraction
• Grasim later split ₹10 into ₹2 in October 2016 → your 100 Grasim shares became 500

Today: 500 Grasim shares + 57 UltraTech Cement shares.

100 Narmada Cement Company shares

• 100 ÷ 18 = 5.56 → 5 UltraTech shares + cash for the fraction

Today: 5 UltraTech Cement shares. Nothing else — Narmada Cement is gone.

100 Century Textiles shares, held on 14 October 2019

• 100 ÷ 8 = 12.5 → 12 UltraTech shares + cash for the fraction

Today: 100 Century Textiles shares + 12 UltraTech Cement shares.

100 Kesoram Industries shares, held on 10 March 2025

• 100 ÷ 52 = 1.92 → 1 UltraTech share + cash for the fraction

Today: 100 Kesoram shares + 1 UltraTech Cement share.

The long path: Indian Rayon

Indian Rayon & Industries Ltd demerged its cement business into Grasim with effect from 1 September 1998, at 3 Grasim shares for every 10 Indian Rayon shares.

Those Grasim shares then travelled the route above. So on paper, Indian Rayon works out to roughly 0.1714 UltraTech shares per share (3/10 × 4/7).

But there is a large condition attached. This only holds if the Grasim shares were still held on 28 May 2010 — twelve years later. That is a real assumption, not a formula. Treat Indian Rayon as a registrar check, not a calculation.

So you have a number. Now the hard part.

Here is the uncomfortable truth about everything above: calculating the entitlement is the only easy step.

If those shares had been sitting quietly in your demat account, you would already know about them. The fact that you are reading this page usually means one of the following is true.

Your shares have been moved to the IEPF

Under the Companies Act, when dividends go unclaimed for seven consecutive years, the underlying shares are transferred to the Investor Education and Protection Fund. UltraTech has paid a dividend every single year since 2004 — rising from ₹0.50 in 2004 to ₹240 in 2026 — so the seven-year clock has run cleanly for every cohort above. If your address went stale in 2006, your shares left the folio a long time ago.

Your certificate names a company nobody can find

Narmada Cement and Samruddhi Cement are delisted. A search returns nothing. Holders conclude the shares died. They did not — they converted.

You never received the shares at all

For demergers after 2019, shareholders holding the parent company in physical form could not be credited with new physical certificates. Those entitlements went into an unclaimed suspense escrow demat account. This affects Century Textiles holders (October 2019) and Kesoram holders (March 2025) who never demated. You may own UltraTech shares you have never seen a document for.

Your folio is frozen

Physical folios without complete KYC have been frozen since the SEBI deadline. No dividend, no dematerialisation, no service request will be processed until it is fixed.

The original holder has died, or the name does not match

The certificate may be in a name that can no longer sign anything. Or the name on the certificate does not match your PAN or Aadhaar — an expanded initial, a maiden name, a spelling from 1994.

Each of these is a different legal route with different documentation. We have written a full guide to all six situations here →

One date you should know about

SEBI has opened a special window for transfer and dematerialisation of old physical securities, running from 5 February 2026 to 4 February 2027.

It covers physical shares bought or sold before 1 April 2019, including transfer requests that were rejected or returned earlier for documentation problems. Outside this window, those cases are far harder to revive.

That window closes in a little over five months. If you are holding an old certificate from any of the companies on this page, this is the cheapest and cleanest year you will get.

Before you calculate — check you are not in the “no” column

Not every old cement share converts into UltraTech. Binani Cement shareholders received nothing. Jaiprakash Associates shareholders received nothing. India Cements shareholders received nothing — their shares are still India Cements shares.

Of the 52 delisted or suspended BSE entities with “cement” in the name, only three are in the UltraTech chain. The other 49 went elsewhere or simply died.

Read the full list of cement companies that do NOT convert into UltraTech shares →

Frequently Asked Questions

How many UltraTech shares do I get for my old L&T shares?
Four UltraTech Cement shares for every ten Larsen & Toubro shares of ₹10 face value held before 14 May 2004. You also received five new L&T shares of ₹2 face value, which have since multiplied 4.5 times through three bonus issues.

What is the Century Textiles to UltraTech demerger ratio?
One UltraTech Cement share for every eight Century Textiles shares held on the record date of 14 October 2019. UltraTech allotted 1,39,61,960 shares under this scheme. You keep your Century Textiles shares.

What is the Kesoram to UltraTech demerger ratio?
One UltraTech Cement share for every 52 Kesoram Industries shares held on the record date of 10 March 2025. UltraTech allotted 59,74,301 shares. Fractional entitlements were paid in cash. You keep your Kesoram shares.

What is the Samruddhi Cement to UltraTech ratio?
Four UltraTech shares for every seven Samruddhi Cement shares, on the record date of 25 August 2010. Samruddhi Cement itself came from Grasim at one for one on 28 May 2010.

I have a Narmada Cement Company share certificate. Is it worth anything?
Yes. Narmada Cement was amalgamated into UltraTech Cement at one UltraTech share for every 18 Narmada shares, approved in December 2005. The company is delisted and will not appear in any search, but the entitlement is real.

Did Indian Rayon shareholders get UltraTech shares?
Indirectly. Indian Rayon demerged its cement business into Grasim at three for ten in September 1998. Those Grasim shares would then have followed the 2010 route into UltraTech, but only if they were still held on 28 May 2010. This needs a registrar check rather than a formula.

Do I still own my Century Textiles and Kesoram shares?
Yes. Both were demergers, not mergers. You keep the original shares and receive UltraTech shares in addition.

Why can’t I find Samruddhi Cement or Narmada Cement anywhere?
Both were merged into UltraTech and delisted. They no longer exist as companies, which is why a search returns nothing and why many holders wrongly conclude their certificates are worthless.

Find out what you actually hold — at no cost

Send us the details on your certificate — company name, number of shares, folio number, name of holder — and we will tell you exactly how many UltraTech Cement shares that translates into today, where they currently sit, and what it will take to recover them.

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 six situations — what it actually takes to get old UltraTech shares back into your demat account →
• Binani Cement, Jaiprakash, India Cements: the cement shares that do NOT convert into UltraTech →

This page is general information about corporate actions, not investment or legal advice. Ratios are stated from company filings and exchange announcements. Your individual entitlement depends on your folio record with the registrar. UltraTech Cement’s registrar is KFin Technologies Limited. Last reviewed 23 August 2026.