Kesoram Industries has received its board’s approval to allot 75 lakh equity shares of face value Rs 10 each to IndusInd Bank, arising out of conversion of the existing 7.5 lakh optionally convertible preference shares, at Rs 120 a share. The board has also approved the acquisition of the Heavy Chemicals Undertaking and the Spun Pipes Undertaking, both of which were sold and transferred by the company during FY16.
Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes.
