The board of directors of KEC International today approved a scheme of arrangement of the company with KEC Infrastructures, KEC Holdings and Bespoke Finvest.This was announced in a release issued by KEC International to the NSE today.The scheme of arrangement includes the sale of the power transmission business of the company to KEC Infrastructures in consideration of 3,76,35,854 equity shares of Rs 10 each and 12,99,966 preference shares of Rs 100 each of KEC Infrastructures."Pursuant to the scheme, the company will distribute the shares to its shareholders in the ratio of 1:1," the release said.The board also approved sale of investments, including advances, of KEC International to KEC Holdings in consideration of 20 lakh shares of Rs 10 each of KEC Holdings."Subsequent to the issue of 20 lakh shares, KEC Holdings will become a subsidiary of the company," the release said.Bespoke Finvest, which is a subsidiary of KEC International, will be merged with KEC Holdings, the release added.
