Usha Martin Ltd to issue warrants worth Rs. 120 crores to promoters

The Board of Directors of Usha Martin Ltd has proposed to issue warrants convertible into equity shares of Re. 1 each to the promoters, their families and associates for an amount of Rs. 120 crores at a price to be decided as per prevailing SEBI regulations, rounded off to next Rupee or Rs. 35 per share, whichever is higher.

The Board has also decided to call a meeting of the shareholders of the Company for seeking their approval on March 09, 2015.

Shares of USHA MARTIN LTD. was last trading in BSE at Rs.30.65 as compared to the previous close of Rs. 29.6. The total number of shares traded during the day was 143287 in over 1934 trades.

The stock hit an intraday high of Rs. 31.35 and intraday low of 28.55. The net turnover during the day was Rs. 4324010.

Source : Equity Bulls

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