The Board of Directors of RMG Alloy Steel Limited at its meeting held on June 18, 2019 has approved the proposal to take consent of the members for issue and allotment of securities (equity and / or warrants having options to subscribe to equity shares) at a price of Rs.15 per equity share (i.e face value of Rs.6 plus premium of Rs.9 per share) for an aggregate equity subscription amount of upto Rs.169.09 Crore in one or more tranches against redemption of preference shares to the constituents of promoters' group and independent investors by way of private placement basis.
The fund raised from preference shares being redeemed was utilized / to be utilized for the purpose of financing capital expenditure, augmentation of working capital, redemption of preference shares, reduction of liabilities and / or for general business purpose.
Shares of RMG Alloy Steel Limited was last trading in BSE at Rs.13 as compared to the previous close of Rs. 12.5. The total number of shares traded during the day was 38031 in over 72 trades.
The stock hit an intraday high of Rs. 13.05 and intraday low of 12. The net turnover during the day was Rs. 474281.