Bihar Sponge to allot shares on preferential basis

Bihar Sponge Iron Ltd has announced that the Board of Directors of the Company at its meeting held on February 22, 2008 to consider the allotment of 1,17,93,333 equity shares of Rs 10/- each at a premium of Rs 20/- per share aggregating to Rs 35.38 Crores infused by promoters through M/s. Moderate Leasing and Capital Services Ltd, in terms of para 8.6- "other terms and conditions" of the Rehabilitation Scheme dated July 29, 2004 sanctioned by the Board for Industrial Financial Reconstruction (BIFR).

The permission of shareholders of the Company shall be required for which an Extra Ordinary General Meeting is being called on March 20, 2008.

The stock was trading at Rs.26.60, up by Rs.1.25 or 4.93%. The stock hit an intraday high of Rs.26.60 and low of Rs.24.50.

The total traded quantity was 63298 compared to 2 week average of 84228.

Source : Equity Bulls

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