Kesoram Industries hits upper circuit on cement business demerger into UltraTech

There were pending buy orders of 7,640,349 shares, with no sellers available.

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The share price of Kesoram Industries (KIL) was locked at 5 percent upper circuit in early trade on December 1 after the company’s board tweaked the demerger scheme and decided to spin off the cement business into UltraTech Cement.

There were pending buy orders of 7,640,349 shares, with no sellers available.

At 9:24am, Kesoram Industries was quoting Rs 146.05, up Rs 6.94, or 4.99 percent, and touched a 52-week high of Rs 146.05.

“The board at its meeting held on November 30 approved a composite scheme of arrangement among the company, and UltraTech Cement and their respective shareholders and creditors for demerger of its cement division into UltraTech and reduction and cancellation of the preference share capital of the company,” Kesoram Industries said in its press release.

The board approved the share exchange ratios of 1 equity share of UltraTech of Rs 10 each fully paid up for every 52 equity shares of KIL of Rs 10 each fully paid up. Some 54,86,608 non-convertible redeemable preference shares of UltraTech of Rs 100 each were fully paid up for 90,00,000 cumulative non-convertible redeemable preference shares (5 percent) of KIL of Rs 100 each fully paid up.

And, 8,64,275 fully paid-up 7.3 percent non-convertible redeemable preference shares of Rs 100 each of the resulting company for 19,19,277 zero percent optionally convertible redeemable preference shares of Rs 100 each of the demerged company held by the preference shareholder in the demerged company as on the effective date.

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The proposed transaction will unlock value of the cement business for the shareholders of the company and also substantially deleverage the balance sheet including reduction of debt and outflow of interest, said Kesoram Industries.

The transaction is expected to be consummated within 9-12 months subject to above regulatory approvals, it added.

The transaction is subject to the approval of shareholders and creditors, stock exchanges, NCLT, CCI and all other regulatory authorities as may be required.