Steel Strips Wheels EGM approves allotment of 347663 warrants

Steel Strips Wheels Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 11, 2008, inter alia, have also accorded to offer, issue and allot, 3,47,663 Convertible Warrant to Sh. Dheeraj Garg, the Managing Director and one of the Promoters of the Company, with an option to the holder of each such warrant to apply for and be allotted one fully paid up equity shares of the face value of Rs 10/- each, for cash at a price of Rs 170/- (Rupees one hundred and seventy only) per equity share (i.e. at a premium of Rs 160/- per equity share), at any time not exceeding 18 months from the date of allotment of the warrants in accordance with the SEBI (DIP) guidelines, subject to necessary provisions & approvals.

Source : Equity Bulls

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