Steelcast approves issue of 3.6 lakh warrants

Steelcast Ltd has announced that the Board of Directors of the Company at its meeting held on July 12, 2009, has approved the issue of 360,000 equity warrants convertible into 360,000 equity shares of face value of Rs 10/- at a price of Rs 66.50 per share (i.e. a premium of Rs 56.50 per share) to Promoters on preferential allotment basis, being 9.09% of the post issue equity share capital of the Company subject to the approval of the members of the Company in General Meeting by way of special resolution as required to be passed under the provisions of the Companies Act, 1956 as well as such other provisions of SEBI (Disclosure and Investor Protection) Guidelines and such other approvals, consent, sanction etc. as may be required for this purpose.

The members of the Company will consider this matter at their next Annual General Meeting to be held on August 08, 2009.

The stock last traded on July 10, 2009 at Rs.64.90, down by Rs.0.10 or 0.15%. The stock hit an intraday high of Rs.65 and low of Rs.64.90.

The total traded quantity was 88 compared to 2 week average of 761.

Source : Equity Bulls

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