Mukesh Steels drops preferential issue, opts for Rights Issue

Mukesh Steels Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2007 has reconsider and review the decisions taken in the Board Meeting held on March 14, 2007 and decided the following:

1. The Board of Directors reconsidered and disapproved the preferential allotment of 20,00,000 Preferential Equity Shares / Warrants convertible into equity. The Board has decided to go for Right Issue for the existing shareholders of the Company in the ratio of 2:1 that is to offer two equity shares for every one share held by the existing shareholder of the Company.

2. The Board has further decided to call an Extra Ordinary General Meeting to be held on May 07, 2007.

Source : Equity Bulls

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