Balasore Alloys Ltd allots 44,35,000 shares

The Committee for Preferential Issue of Warrants of the Board of Directors of Balasore Alloys Ltd at their meeting held today has allotted 44,35,000 Equity Shares of Rs. 5/- each at a price of Rs. 21.50/- including premium of Rs. 16.50/- per Equity Shares to the Promoter Group entities / Persons Acting in Concert ('PAC') on preferential basis, pursuant to conversion of 44,35,000 of Convertible Warrants out of 1,30,00,000 Convertible Warrants to Global Steel Holdings Asia Pte. Ltd - 37,39,983 shares and Prasan Global Ventures Singapore Pte. Ltd. - 6,95,017 shares.

The balance 85,65,000 Warrants out of the 1,30,00,000 Convertible Warrants, shall be converted into Equity Shares upon receipt of balance money by 02.05.2018, being the date when the period of eighteen months from the date of its allotment i.e. 03.11.2016 would expire.

Shares of BALASORE ALLOYS LTD. was last trading in BSE at Rs.46.65 as compared to the previous close of Rs. 49.25. The total number of shares traded during the day was 256932 in over 1162 trades.

The stock hit an intraday high of Rs. 49 and intraday low of 46. The net turnover during the day was Rs. 12220462.

Source : Equity Bulls

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