The board of Katwa Udyog has approved to change the name of the company to Jyoti Cements and Infra.
The board has also approved to make preferential allotment of 3,00,000 equity shares of Rs 10 each at a premium of Rs 15 aggregating to a sum of Rs 75,00,000 at the highest price of Rs 25 per equity share during the last 52 weeks as against the current market price of Rs 18 per share.
Further, the board has approved to seek shareholders approval to the proposed acquisition of 100% share capital of its unlisted group company Katwa Construction Company with an intention to seek eventual merger of that unlisted company with it. Katwa Construction has paid up capital of Rs 35,00,000 divided in to 35,000 equity shares of Rs 100 each. The proposed acquisition is at face value of the share.