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
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