Tata Steek arm acquires stake in Steel Strips Wheels

Steel Strips Wheels Ltd has announced that the Board of Directors of the Company at its meeting held on December 15, 2007, inter alia, has considered and approved to issue and allot up to 12,55,856 equity shares of Rs 10/- each at a price of Rs 170/- each on Preferential basis to M/s Kalimati Investment Company Ltd (a wholly owned subsidiary of Tata Steel Ltd), subject to the approval of the Shareholders in their meeting to be held on January 11, 2008. Tata Steel Ltd is the main supplier of raw materials to the Company.

The stock was trading at Rs.205.50, down by Rs.8.10 or 3.79%. The stock hit an intraday high of Rs.224.90 and low of Rs.172.

The total traded quantity was 2529 compared to 2 week average of 8032.

Source : Equity Bulls

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