Tata Steel allots 2,85,00,000 shares on conversion of warrants

Tata Steel Ltd has announced that Tata Sons Ltd on April 16, 2007 have exercised the option to convert 2,85,00,000 warrants into ordinary shares of the Company at a price of Rs 484.27 p. per share.

The Committee of Directors at its meeting held on April 17, 2007 has approved the allotment to Tata Sons Ltd of 2,85,00,000 Ordinary Shares of Rs 10 each at a premium of Rs 474.27 p. per share.

The stock was trading at Rs.509.55, down by Rs.19.10 or 3.61%. The stock hit an intraday high of Rs.523.90 and low of Rs.496.35. The total traded quantity was 2753438 compared to 2 week average of 2362262.

Source : Equity Bulls

Keywords