Steelcast Ltd Board approves allotment of 2024000 equity shares

Pursuant to the resolution passed by the shareholders of STEELCAST LIMITED at the EGM held on March 17, 2016 and in-principle approval received from the BSE Limited vide its letter dated March 18, 2016, the meeting of the Board of Directors of held today i.e. March 26, 2016, at 1430 hours and concluded at 1500 hours, at "VIDHI", 2281/A, Hill Drive Road, Bhavnagar 364002.

The Board of Directors have considered and approved the allotment of 20,24,000 equity shares of face value Rs. 5/- each ("Equity Shares") at a price of Rs. 60 per Equity Share (including a premium of Rs. 55 per Equity Share) on preferential basis to Non Promoter Investors in accordance with Section 42 of the Companies Act, 2013 (including the rules made thereunder) and Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, and other agenda items.

Pursuant to the above allotment of Equity Shares, the paid up equity share capital of the Company stands increased to Rs. 10,12,00,000/- (Ten Crore Twelve Lac Only).

Shares of STEELCAST LTD. was last trading in BSE at Rs.64.95 as compared to the previous close of Rs. 64.3. The total number of shares traded during the day was 10 in over 1 trades.

The stock hit an intraday high of Rs. 64.95 and intraday low of 64.95. The net turnover during the day was Rs. 649.

Source : Equity Bulls

Keywords