Electrosteel Castings shareholders approve preferential issue of 1.4 Crore warrants

Electrosteel Castings Ltd has announced that the Shareholders of the Company in its meeting held on February 19, 2009 accorded its consent unanimously to issue upto 1,40,00,000 convertible warrants on a preferential basis to the Promoters/ Promoter Group with an option to the holder of each such warrant to apply for and be allotted one equity share of Re 1/- each of the Company for cash at a price of not less than Rs 23/- per share calculated as per SEBI (DIP) Guidelines.

The Stock closed the day at Rs.14.50, down by Rs.0.15 or 1.02%. The stock hit an intraday high of Rs.14.85 and low of Rs.14.20.

The total traded quantity was 198993 compared to 2 week average of 274308.

Source : Equity Bulls

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