Bihar Sponge EGM approves allotment of 11793333 shares on conversion of debt

Bihar Sponge Iron Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on March 20, 2008, have approved the issue and allotment of 1,17,93,333 new equity shares of the face value of Rs 10/- each at a premium of Rs 20/- each on conversion of debt of Rs 35.38 Crores or such part to M/s. Moderate Leasing and Capital Services Ltd otherwise on a Rights Basis.

The stock was trading at Rs.21.15, up by Rs.1 or 4.96%. The stock hit an intraday high of Rs.21.15 and low of Rs.20.60.

The total traded quantity was 91400 compared to 2 week average of 129919.

Source : Equity Bulls

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