Steel Strips Wheels EGM approves allotment of shares to Tata Steel subsidiary

Steel Strips Wheels Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on January 11, 2008, have approved to offer, issue and allot 12,55,856 Equity shares of Rs 10/- each for cash, at a price of Rs 170/- (Rupees one hundred and seventy only) per Equity Shares (i.e. at a premium of Rs 160/- per Shares) to M/s. Kalimati Investment Company Ltd, a wholly owned subsidiary of Tata Steel Ltd.

The stock was trading at Rs.189.90, down by Rs.1.75 or 0.91%. The stock hit an intraday high of Rs.200 and low of Rs.181.

The total traded quantity was 35177 compared to 2 week average of 42104.

Source : Equity Bulls

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