Electrosteel Castings Ltd to issue 17064617 shares at Rs. 13.85

The Board of Directors of Electrosteel Castings Ltd at its meeting held on October 24, 2013, has decided to issue upto 1,70,64,617 Equity Shares of the Company at a price of Rs. 13.85 (including a premium of Rs. 12.85) per equity share aggregating upto Rs. 23.63 crores to the Promoters of the Company on Preferential basis. The issuance of the said securities shall however be subject to the approval of the Shareholders of the Company at the General Meeting and the issuance of the Equity Shares shall also be in terms of the provisions of the SEBI (Issue of Capital and Disclosure Requirements), Regulations, 2009.

For this purpose an Extraordinary General Meeting has been convened on November 23, 2013 at the registered office of the Company to obtain the permission of the Shareholders of the Company.

The Board has also decided to consolidate/revise limits under section 372A of the Companies Act, 1956 and for this approval of the shareholders of the Company would be obtained through Postal Ballot. The detail of the same would be sent in due course.

Shares of Electrosteel Castings Ltd was last trading in BSE at Rs.13.99, down by Rs.0.42 or 2.91%. The stock hit an intraday high of Rs.14.65 and low of Rs.13.85.

The total traded quantity was 0.98 lakhs as compared to 2 week average of 0.69 lakhs.

Source : Equity Bulls

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