Katwa Udyog to change name as "Jyoti Cements and Infra Ltd"

Katwa Udyog Ltd has announced that the Board of Directors of the Company at its meeting held on August 13 & 14, 2007, inter alia, has decided, but subject to all statutory clearance and approvals to:

1. Change the name of the Company to "Jyoti Cements and Infra Ltd".

2. 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.

3. Seek voluntary de-listing of its equity shares of the Bangalore Sock Exchange.

4. Seek shareholders approval to the proposed acquisition of 100% share capital of its unlisted group Company "Katwa Construction Company Ltd" 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.

The stock was trading at Rs.19.55, up by Rs.0.90 or 4.83%. The stock hit an intraday high of Rs.19.55 and low of Rs.18.65. The total traded quantity was 9375 compared to 2 week average of 5494.

Source : Equity Bulls

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