MSP Steel to issue preference shares upto Rs 120 crores

MSP Steel & Power Ltd has announced that the Board of Directors of the Company at its meeting held on August 20, 2009, inter alia, has subject to requisite approvals decided the issue of Redeemable Preference Shares for an amount not exceeding Rs 120.00 crores.

The Board also approved increase of Authorized Share Capital from existing Rs 60 crores to Rs 75.00 crores and consequential amendments in the Memorandum & Articles of Association of the Company.

The stock closed the day at Rs.28.30, down by Rs.0.25 or 0.88%. The stock hit an intraday high of Rs.29.40 and low of Rs.28.30.

The total traded quantity was 4782 compared to 2 week average of 6466.

Source : Equity Bulls

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