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MUMBAI: Kalyani Group company, Kalyani Steels on Tuesday said its board has approved the demerger of investment division of the company and amalgamation of three other subsidiaries, into Kalyani Investment Company.

The board of directors at its meeting held today has approved the amalgamation of Chakrapani Investments & Trades Ltd, Surajmukhi Investments & Finance and Gladiolla Investments with Kalyani Investment Company, Kalyani Steel said in a filing to the BSE.

The amalgamating companies are at present, wholly-owned subsidiary of Kalyani Steels Ltd.

The resulting company is also, at present, a wholly-owned indirect subsidiary of Kalyani Steels Ltd, the filing added. Shares of Kalyani Steels were trading at Rs 104.20 on the BSE, down 4.97 per cent from its previous close. - PTI

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