Electrosteel Castings to issue 4.24 Crore shares

Electrosteel Castings Ltd has announced that the Board of Directors of the Company at its meeting held on October 15, 2008, inter alia, has accorded its consent, subject to approval of shareholders, to issue upto to 4,24,00,000 equity shares of Re 1/- each to two Non-Promoter overseas Companies on a preferential basis at a price of not less than the price to be calculated as per SEBI Guidelines or Rs 38/- per share which ever is higher.

The Ordinary General Meeting has been called on December 15, 2008 for the said purpose.

The stock was trading at Rs.18.50, down by Rs.1.10 or 5.61%. The stock hit an intraday high of Rs.21 and low of Rs.18.20.

The total traded quantity was 1196152 compared to 2 week average of 718674.

Source : Equity Bulls

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