Electrosteel Castings approves issue of 12400000 shares

Electrosteel Castings Ltd has announced that the members at the Ordinary General Meeting of the Company held on December 15, 2008, inter alia, has accorded authority to the Board to issue, offer for subscription and allot up to 1,24,00,000 equity shares of Re 1/- each & up to 3,00,00,000 equity shares of Re 1/- each on preferential basis to PGS Investment Ltd and Stemcor Metals Ltd respectively for cash at a price of not less than the price calculated as per SEBI Guidelines or Rs 38/- per share whichever is higher and / or to such extent and on such other terms and conditions as may be decided by the Board in accordance with SEBI (Disclosure and Investor Protection) Guidelines 2000, as amended, ('the Guidelines'), subject to necessary provisions & approvals.

The Board approved the amendments of the provisions of the previous terms of appointment of Mr. Uddhav Kejriwal, whole time Director, relating to Special Allowance and Contribution to Retiral Benefit Funds of the Company, subject to necessary provisions and approvals.

The stock was trading at Rs.14.87, up by Rs.0.27 or 1.85%. The stock hit an intraday high of Rs.15.15 and low of Rs.14.70.

The total traded quantity was 263565 compared to 2 week average of 2225929.

Source : Equity Bulls

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