New Delhi, Feb. 25 -- Aditya Birla Group-owned UltraTech Cement's board of directors on Tuesday, February 25, announced that the company has approved the demerger of Kesoram Industries Limited and a Rs.1,800-crore capex investment, according to an exchange filing.

The cement maker's board has agreed to issue one equity share of Rs.10 each for every 52 equity shares of Rs.10 each held by Kesoram's shareholders as of the record date. The share swap ratio will be 1:52 equity shares.

Kesoram Industries' preferential shareholders will receive 54.86 lakh fully paid-up 7.3 per cent non-convertible redeemable preference (NCRP) shares of Rs.100 each in exchange for 90 lakh 5 per cent cumulative NCRP shares of Rs.100 each held by the shareholders...