Electrosteel Castings to seek shareholders approval for issue of warrants

Electrosteel Castings Ltd has announced that the Board of Directors accorded their consent (subject to shareholders' approval) towards the issue of up to 1,22,00,000 convertible warrants on a preferential basis to Stemcor Metals Ltd, Cyprus for cash at a price of Rs 81/- per warrant which is determined as per SEBI (Disclosure and Investor Protection) Guidelines 2000.

The General Meeting for shareholders approval will be held on January 25, 2008.

The Stock was trading at Rs.86.55, up by Rs.4.10 or 4.97%. The stock hit an intraday high of Rs.86.55 and low of Rs.82.

The total traded quantity was 3871525 compared to 2 week average of 843814.

Source : Equity Bulls

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