MSP Steel & Power Ltd to allot shares, OCDs

MSP Steel & Power Ltd has received in-principle approval for allotment of further Equity Shares and Optionally Convertible Debentures ('OCDs').

A Meeting of Board of Directors ('Board') of the Company held on 12th March, 2018, considered / approved following matters, under Resolution Plan in terms of applicable provisions of Companies Act, 2013 and SEBI regulations & guidelines:

- Issuance and allotment of 297,315,000 Equity Shares on preferential basis of face value of Rs.10 each to the proposed allottees; and Issuance and allotment of 451,970,554 OCDs of face value of Rs.10 each to the consortium of Lenders on preferential basis.

The Meeting of Board of Directors of the Company commenced at 5.00 pm and concluded at 7.30 pm.

Shares of MSP STEEL & POWER LTD. was last trading in BSE at Rs.18.25 as compared to the previous close of Rs. 18.2. The total number of shares traded during the day was 4627 in over 15 trades.

The stock hit an intraday high of Rs. 18.45 and intraday low of 17.55. The net turnover during the day was Rs. 83313.

Source : Equity Bulls

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