Electrosteel Castings Ltd allots 161650538 shares on amalgamation

The Banking and Authorisation Committee of the Board of Directors of Electrosteel Castings Ltd, at its meeting held today, i.e. January 20, 2022, has considered and approved the allotment of 161650538 equity shares of Re. 1/- each of the Company fully paid-up amounting to Rs. 161650538 to the eligible shareholders of Srikalahasthi Pipes Ltd (SPL) [other than for shares already held by the Company in SPL], as on January 14, 2022, being the record date, as per the share exchange ratio, i.e., 59 (fifty nine) fully paid up equity shares of Re. 1/- each of the Company for every 10 (ten) fully paid up equity shares of Rs. 10/- each of SPL, as envisaged in the Scheme of Amalgamation. Post allotment, the issued and paid up share capital of the Company stands increased to Rs. 59,46,05,247/- comprising of 59,46,05,247 equity shares of Re 1/- each fully paid-up from Rs. 43,29,54,709 /- comprising of 43,29,54,709 equity shares of Re. 1/- each fully paid up.

Shares of Electrosteel Castings Limited was last trading in BSE at Rs. 46.65 as compared to the previous close of Rs. 43.65. The total number of shares traded during the day was 976209 in over 6296 trades.

The stock hit an intraday high of Rs. 48.00 and intraday low of 43.95. The net turnover during the day was Rs. 45311825.00.

Source : Equity Bulls

Keywords

ElectrosteelCastings INE086A01029 ELECTCAST SriKalahasthiPipes SharesAllotment Merger