Balasore Alloys Ltd approves issue of warrants to promoters group

The Board of Directors of Balasore Alloys Ltd at its meeting held on March 15, 2016 have approved the issuance of upto 2,30,00,000 Convertible Warrants of Rs. 5/- each, to the Promoters Group Companies on a preferential basis. Out of the said Warrants 1,00,00,000 Warrants shall be converted into Equity Shares in the Financial Year 2016-17 and the remaining 1,30,00,000 Warrants shall be converted into Equity Shares in the Financial Year 2017-18 subject to necessary statutory compliances / approvals. The funds shall be utilized for funding growth, expansion and modernization projects to be undertaken by the Company.

Further, the Board has also decided to take approval of the Shareholders for the aforesaid issue of Securities through Postal Ballot.

Shares of BALASORE ALLOYS LTD. was last trading in BSE at Rs.15.8 as compared to the previous close of Rs. 16.15. The total number of shares traded during the day was 59633 in over 93 trades.

The stock hit an intraday high of Rs. 16.5 and intraday low of 15.8. The net turnover during the day was Rs. 966252.

Source : Equity Bulls

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