RMG Alloy Steel Limited approves fund raising of Rs. 405 crores

The Board of Directors of RMG Alloy Steel Limited at its meeting held on March 1, 2018 has approved the issue and allotment of securities (equity and/or preference shares) for an aggregate amount of Rs.405 Crore in one or more tranches to a constituent of the promoters' group viz. Welspun Steel Ltd (Rs.230.75 Cr.) and to independent financial investors (Rs.174.25 Cr.) by way of private placement. The issue is subject to necessary corporate and regulatory approvals.

The Board approved alteration of Memorandum of Association for increasing the authorized share capital to enable the issue of above mentioned securities.

The Board meeting commenced at 9.30 am and concluded at 1.00 pm.

Shares of RMG Alloy Steel Limited was last trading in BSE at Rs.11.97 as compared to the previous close of Rs. 11.74. The total number of shares traded during the day was 5094 in over 6 trades.

The stock hit an intraday high of Rs. 11.97 and intraday low of 11.97. The net turnover during the day was Rs. 60975.

Source : Equity Bulls

Keywords