India Steel Works forms committee to finalize terms of rights issue

The Board of Directors of India Steel Works Ltd at their Meeting held on today i.e Tuesday, 11th January, 2022, has approved / taken on record the proposal for raising of funds up to an aggregate amount not exceeding Rs.50 Crores (Rupees Fifty Crores only), subject to the approval of the statutory, regulatory & other stakeholders on rights basis ("Rights Issue").

For the purpose of giving effect to the rights issue, the detailed terms in relation to the Rights Issue, Including but not limited to the issue price, rights entitlement ratio, record date, timing and terms of payment will be announced in due course.

The board approved formation of a Committee (Rights Issue Committee) of Directors comprising Mr. Varun S. Gupta, Managing Director (DIN: 02938137) Mr. Bimal Desai Non-Executive Director (DIN:00872271) and Mr. Karan Lamba, Independent Director (DIN: 06533079).

The board approved increase in the Authorised Share Capital of the Company for the above purpose as per applicable provisions of the Companies Act, 2013 and approval of the amendment to the Memorandum of Association of the Company consequent to Increase in the Authorised Share Capital of the Company as per Companies Act, 2013.

Shares of INDIA STEEL WORKS LTD. was last trading in BSE at Rs. 6.25 as compared to the previous close of Rs. 5.96. The total number of shares traded during the day was 589059 in over 673 trades.

The stock hit an intraday high of Rs. 6.25 and intraday low of 6.25. The net turnover during the day was Rs. 3681618.00.

Source : Equity Bulls

Keywords

INDIASTEELWORKS INE072A01029 RightsIssue FundRaising