Steel Exchange to raise funds through issue of securities

Steel Exchange India Ltd has announced that the Board of Directors of the Company at its meeting held on January 02, 2008, has approved to increase the authorised Capital of the Company from Rs 25 Crores to Rs 50 Crores.

The Board approved to issue of securities under QIP in accordance with SEBI (DIP) Guidelines 2000 under chapter XIIIA / GDR / ADR up to Rs 200 Crores.

The Board also approved to issue of 47,90,000 share warrants of Rs 10/- each at a price of Rs 126/- per share warrant (including a premium of Rs 116/- per Share warrant) to M/s. Umashiv Garments Pvt Ltd (Promoter Group) on preferential basis in accordance with the SEBI (DIP) Guidelines 2000.

The Board approved Notice to convene Extra Ordinary General Meeting of the Company to be held on January 29, 2008.

Source : Equity Bulls

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