Kesoram finalizes UltraTech scheme, sets record date

Kesoram Industries Limited announced the finalization of its composite scheme of arrangement with UltraTech Cement Limited, effective March 1, 2025. The Kesoram board, in a meeting held February 25, 2025, approved the scheme. A record date of March 10, 2025, has been fixed to determine the equity shareholders eligible for the issuance and allotment of Resulting Company shares. As per the scheme, one fully paid-up equity share of UltraTech will be issued for every 52 shares of Kesoram. Additionally, Kesoram will allot non-convertible redeemable preference shares to existing preference shareholders. This involves 54,86,608 shares at 7.3% for 90,00,000 shares at 5%, and 8,64,275 shares at 7.3% for 19,19,277 zero-coupon shares. The preference shares will remain unlisted.