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| Exchange Disseminated Time | Uttam Value Steels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 21, 2014, have taken the following decisions:
1. The Board, subject to the approval of the members of the Company and the relevant Stock Exchange / SEBI, has agreed to issue, offer and allot upto 12,90,32,258 equity shares of Rs. 10/- each fully paid up of the Company (the "Allottee Shares") by way of preferential allotment at a price of Rs. 15.50/- each for an aggregate consideration of upto Rs. 200,00,00,000 (Rupees Two Hundred Crores only) by way of preferential allotment to Strategic Investor namely UD Industrial Holding Pte Limited, Singapore in accordance with SEBI (ICDR) Regulations, 2009 and relevant provisions of Company Law. The Board also considered and approved the draft Notice of Extra Ordinary General Meeting and its procedure in this regard.
2. Convening of Extra Ordinary General Meeting to approve the aforesaid matters.
3. The Scheme of arrangement between Uttam Value Steels Limited (UVSL) and Lloyds Steels Industries Limited (LSIL) which was approved by Audit Committee and Board in their Meeting held on February 11, 2014, wherein the Engineering Division of the Company proposed to be demerged in LSIL has been Postponed / Deferred for the time being. |
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