Adani Group-owned Ambuja Cement on Tuesday approved the merger of its subsidiaries Sanghi Industries (SIL) and Penna Cement Industries (PCIL) with itself. Ambuja will issue 12 equity shares of ₹2 face value each for every 100 shares of SIL of ₹10 face value held by its shareholders. Ambuja bought SIL and PCIL for ₹5,185 crore and ₹10,422 crore, respectively.