Shalimar Wires Industries Ltd approves allotment of 51,50,000 shares

The Board of Directors of Shalimar Wires Industries Ltd in their meeting held on 13th March, 2018 at Kolkata, approved the issuance and allotment of 51,50,000 equity shares of Rs. 2/- each to Asset Reconstruction Company (India) Ltd. (ARCIL) against conversion of outstanding interest of Rs. 165.50, crores subject to settlement of their outstanding dues pertaining to assignment of IDBI's debt to them and on the terms as mentioned in the sanction letter dated 26th February, 2018 issued by ARCIL and in terms of Rehabilitation Scheme sanctioned by BIFR vide its order dated 10th June, 2010.

The Board also approved borrowing from the bank for its ongoing capital projects and working capital requirement.

Shares of SHALIMAR WIRES INDUSTRIES LTD. was last trading in BSE at Rs.17.95 as compared to the previous close of Rs. 17.3. The total number of shares traded during the day was 1391 in over 19 trades.

The stock hit an intraday high of Rs. 18.1 and intraday low of 17.7. The net turnover during the day was Rs. 24943.

Source : Equity Bulls

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