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Lloyds Steel Industries has convened an extraordinary general meeting on March 4 to seek shareholders’ approval for conversion of preference shares held by IDBI Bank Ltd into equity shares.
In a notification to the BSE on Tuesday, the company said IDBI Bank will hold 15 crore equity shares of the company after the conversion of 22.7 crore preference shares. The conversion price has been fixed at Rs 15.13 a share.
The company will also seek shareholders' approval for change in name to Uttam Value Steels from Lloyds Steel Industries.
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