Electrosteel Steels Ltd to consider preferential allotment to Chinese Company

A meeting of the Board of Directors of Electrosteel Steels Ltd will be held on April 13, 2016, to consider and approve the proposal for preferential allotment of equity shares of the Company on private placement basis to Shandong Province Metallurgical Engineering Co. Ltd., People Republic of China, against supplies of capital equipment to the Company's Integrated Steel & Ductile Iron Pipe Plant in Bokaro, Jharkhand.

Further, in terms of provisions of the Company's Code of Conduct to Regulate, Monitor and Report Trading by Insiders under SEBI (Prohibition of Insider Trading) Regulations 2015, the "Trading Window" for trading in the equity shares of the Company shall remain closed from April 08, 2016 and will open 48 hours after the announcement by the Company of the outcome of the meeting on April 13, 2016.

Shares of ELECTROSTEEL CASTINGS LTD. was last trading in BSE at Rs.18.45 as compared to the previous close of Rs. 18.9. The total number of shares traded during the day was 124199 in over 322 trades.

The stock hit an intraday high of Rs. 19.25 and intraday low of 18.2. The net turnover during the day was Rs. 2322992.

Source : Equity Bulls

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