Kesoram Ind board allots 75 lakh shares to IndusInd Bank

Kesoram Industries has informed the exchanges that its board has allotted 75 lakh equity shares of face value ₹10 each to IndusInd Bank, arising out of conversion of the existing 7.5 lakh optionally convertible preference shares, at ₹120 a share. The board has also approved the acquisition of the Heavy Chemicals Undertaking and the Spun Pipes Undertaking, both of which were sold and transferred by the company during FY16. The stock of Kesoram Industries slipped 0.6 per cent at ₹142.65 on the NSE.