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The board of Ushdev International on Monday approved segregation of its renewable energy business by way of subsidiarisation of the wind power undertaking, and consolidation of the group business by merging Ushdev Commercial Services with itself. The decisions are, however, subject to approvals by shareholders, creditors, Bombay High Court, stock exchange, SEBI and other regulators. The board has delegated powers to its finance committee to appoint independent valuers to carry out valuation for these transactions and merchant bankers for issuance of fairness opinion. Shares of Ushdev International tumbled to a low of ₹276 intraday, but closed 0.69 per cent higher at ₹292 on the BSE.
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