Uttam Value board nod to merger of steel engg unit with Lloyds Steels

The board of Uttam Value Steels has approved the merger of its steel engineering operations with Lloyds Steels Industries Ltd, the former said in a filing to the stock exchanges. According to the scheme of arrangement, shareholders holding 100 shares of face value ₹10 each of Uttam Value will get 68 Lloyds Steels shares. After the demerger of the steel engineering operations, the face value of the ₹10 stock will be reduced to ₹5. The company then plans a five-for-one stock split. Shares of Uttam Value Steels ended at ₹8.55 on the National Stock Exchange, up 3 per cent from the previous close