Orissa Sponge to issue 40 Lakh warrants to promoters, 30 Lakh warrants to Prakasauli Investment

Orissa Sponge Iron & Steel Ltd has announced that the Board of Directors of the Company at its meeting held on August 19, 2008 has decided to issue 40,00,000 equity share warrants convertible into same number of equity share of Rs 10/- to TRFI Investment Pvt. Ltd. a promoter group Company at a price calculated as per SEBI Guidelines.

Further Board has decided to issue 30,00,000 equity share warrants convertible into same number of equity share to existing share holder i.e. M/s. Prakasauli Investment (India) P Ltd and its subsidiary and or person interested in concert at price calculated as per SEBI Guidelines.

Further Board has decided to take approval of the above issue of equity share warrant by member by postal ballot root.

The stock was trading at Rs.270.10, up by Rs.12.85 or 5%. The stock hit an intraday high of Rs.270.10 and low of Rs.262.10.

The total traded quantity was 14825 compared to 2 week average of 13359.

Source : Equity Bulls

Keywords