Steel Exchange India to allot shares, warrants at Rs 29

Steel Exchange India Ltd has announced that the Board of Directors of the Company at its meeting held on February 11, 2009, inter alia, has approved the issue and allot up to 1,28,75,000 equity shares of Rs 10/- each at a price of Rs 29/- per equity share (including a premium of Rs 19/- per equity share) to M/s Umashiv Garments Pvt Ltd (Promoter Group) and Others on Preferential basis in accordance with SEBI (DIP) Guidelines 2000.

The Board also approved to issue and allot up to 34,89,090 equity share warrants of Rs 10/- each at a price of Rs 29/- per share warrant (including a premium of Rs 19/- per share warrant) to M/s Umashiv Garments Pvt Ltd (Promoter Group) on preferential basis in accordance with the SEBI (DIP) Guidelines 2000.

The Board approved the Notice to convene Extra Ordinary General Meeting of the Company to be held on March 11, 2009.

The stock was trading at Rs.15.70, up by Rs.0.75 or 5.02%. The stock hit an intraday high of Rs.15.90 and low of Rs.14.95.

The total traded quantity was 9832 compared to 2 week average of 17881.

Source : Equity Bulls

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