The company has set March 10, 2025 as the record date.
Also Read: Up to 28% fall in one month. Will US stagflation mean more bad news for Indian IT stocks?
The resulting company will also issue and allot over 54.86 lakh non-convertible redeemable preference shares of Rs 100/ each fully paid up for 90 lakh cumulative non-convertible redeemable preference shares of Rs 100/ each fully paid up of the company held by the preference shareholder as on the effective date.The decision was taken at a meeting of UltraTech’s board of directors today.The announcement was made after market hours and shares of UltraTech today ended at Rs 10,940.20 on the BSE, declining by Rs 103.15 or 0.93% over the Monday closing price. Meanwhile, Kesoram shares settled Rs 1.55 or 0.74% lower at Rs 209.30.
Also Read: Up to 28% fall in one month. Will US stagflation mean more bad news for Indian IT stocks?
The company’s board of directors today also approved a proposal to extend the company’s footprint in the construction value chain through the wires and cables segment.
“Towards this end, the Board has approved a capital expenditure of Rs 1,800 crore, to be spent over the next two years, which will be financed through a mix of internal accruals and / or borrowings,” a separate filing to the exchanges said.
“The proposed entry into this segment of the construction value chain through its Building Products Division, is in line with the company’s strategy to strengthen its position as a comprehensive Building Solutions Provider,” the filing further said.
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