Electrosteel Steels allots 15.20 crore shares to Electrosteel Casting Limited

In terms of notice dated July 07, 2012, Special Resolution has been passed by the members in the Annual General Meeting of Electrosteel Steels Ltd held on August 07, 2012, for the issue of 15.20 crores fresh equity shares of face value Rs. 10/- each through preferential allotment to the Promoter of the Company 'Electrosteel Casting Limited', under the provision of section 81(1A) the Companies Act, 1956.

Pursuant to above, the Company in its meeting of 'Share Allotment Committee' held on August 31, 2012 had allotted 15.20 crores equity Shares of face value of Rs.10/- each, to the promoters of the Company 'Electrosteel castings Limited' at an issue price of Rs. 10/- per share.

The Electrosteel Steels stock closed the day at Rs.5.10, up by Rs.0.04 or 0.79%. The stock hit an intraday high of Rs.5.15 and low of Rs.5.01.

The total traded quantity was 3.25 lakhs compared to 2 week average of 0.57 lakhs.

Source : Equity Bulls

Keywords