Orissa Sponge to allot shares, warrants on preferential basis

Orissa Sponge Iron & Steel Ltd has announced that the Board of Directors of the Company at its meeting held on September 14, 2007, has proposed the following:

1. To allot 15,00,000 numbers of equity shares on preferential basis to Prakausali Investments (India) P Ltd. subject to approval of members of the Company at the price accordance with SEBI guidelines.

2. To allot 15,00,000 numbers of equity shares warrants on preferential basis to Prakausali Investments (India) P Ltd. subject to approval of members & others law & regulation at the price accordance with SEBI guidelines.

3. To allot 30,00000 numbers of equity shares warrants on preferential basis to TRFI Investments Pvt Ltd subject to approval of members and others law & regulation at the price accordance with SEBI guide lines.

The stock closed the day at Rs.123.30, up by Rs.5.85 or 4.98%. The stock hit an intraday high of Rs.123.30 and low of Rs.123.30. The total traded quantity was 8442 compared to 2 week average of 44495.

Source : Equity Bulls

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