Steel Strips Wheels EGM approves OCB issue to Tata Capital

Steel Strips Wheels Ltd has announced that the Shareholders of the Company, at its Extra ordinary General Meeting held on June 28, 2008, inter alia, had approved the proposed resolution, with certain amendments, to offer, issue and allot Optionally Convertible Bonds (0CB) to M/s Tata Capital Ltd, up to an amount of Rs 20.00 Crore, by way of Preferential allotment. These OCB can be converted into fully paid up equity shares within 18 months from the date of issue of OCB, as per the terms and conditions mentioned in the approved resolution.

As per the approved Resolution, the relevant date is fixed as May 29, 2008, being 30 days prior to the date of Extra Ordinary General Meeting.

The stock was trading at Rs.125, up by Rs.2.15 or 1.75%. The stock hit an intraday high of Rs.133 and low of Rs.124.

The total traded quantity was 330 compared to 2 week average of 3123.

Source : Equity Bulls

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