The renaming function will be organised on May 31 to coincide with the birth anniversary of Ahilyadevi Holkar, he said.
He was speaking at a meeting of representatives of the Veershaiv Lingayat and Dhangar communities at Mantralaya.
He informed that the decision to rename the university was taken on the recommendation of a sub-committee that was set up, as per a Cabinet decision, to go into the details of renaming the university.
He added that proposals to name Solapur Airport after Mahatma Basaveshwar and rename Solapur Railway Station as Shri Siddheshwar Railway Terminus would be sent to authorities.
He said that a grand memorial of Mahatma Basaveshwar would be erected at Solapur and a committee under the chairmanship of Chief Minister Devendra Fadnavis would be constituted for it.
He said that the Mahatma Basaveshwar Finance Corporation would be set up to provide financial assistance to the youth of the Veershaiv Lingayat community, adding that Rs 10 crore would be given to the corporation annually.
He informed that a decision had been taken to include information about Mahatma Basaveshwar in the syllabus as well as to set up Mahatma Basaveshwar Chair in various universities.
A decision was taken to institute Mahatma Basaveshwar Samajik Samta-Shiva Puraskar for individuals and institutions for special activities, Tawde said.
A meeting will be held with the Chief Minister to explore possibilities to legally set up the Maharashtra Veershaiv-Lingayat Board, he added.