Steelco Gujarat Ltd to consider issue of preference shares

The Board of Directors of Steelco Gujarat Ltd at its meeting held on May 20, 2016, has Considered & approved the proposal for offer & issuance up to 7% new 1,85,00,000 redeemable cumulative non-convertible Preference Shares of Rupees 10/- each, to the promoter of the company amounting to Rs. 18,50,00,000/- subject to approval of shareholders.

The Board noted that Steelco Colour Coating Limited is no more a subsidiary of the Company, in view of allotment of shares by Steelco Colour Coating Limited to other Company.

The Board also ratified execution of Agreement to sell for sale of partial land to Steelco Colour Coating Limited, subject to approval of requisite authorities.

Shares of STEELCO GUJARAT LTD. was last trading in BSE at Rs.4.5 as compared to the previous close of Rs. 4.59. The total number of shares traded during the day was 12864 in over 50 trades.

The stock hit an intraday high of Rs. 4.69 and intraday low of 3.9. The net turnover during the day was Rs. 56875.

Source : Equity Bulls

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