Lloyds Steel Industries to allot shares worth Rs.50 crores to ARCIL

The Board of Directors of Lloyds Steel Industries Ltd at its meeting held on August 29, 2011, has considered and approved the issue of Equity Shares of Rs. 10/- each on preferential basis to Asset Reconstruction Company (India) Limited (ARCIL) at a price to be determined in terms of the SEBI (ICDR) Regulations, 2009 for an aggregate amount of Rs. 50,00,00,000 (Rupees Fifty Crore Only) subject to necessary approvals as may be required.

The Board also approved appointment of Cost Auditor for the financial year 2011-12.

The stock was trading at Rs.14.75, up by Rs.0.65 or 4.61%. The stock hit an intraday high of Rs.15.20 and low of Rs.14.40.

The total traded quantity was 2.79 lakhs compared to 2 week average of 2.60 lakhs.

Source : Equity Bulls

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