MSP Steel to issue 1.2 crore preference shares

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 made the following additions to the notice of the general meeting duly approved on June 29, 2009.

The Company in its board meeting held on August 20, 2009, has decided to issue, offer and allot 1,20,00,000 (one crore twenty lac) Redeemable Preference Shares of Rs 100/- each amounting to Rs 1,20,00,00,000 (one hundred twenty crores), subject to the approval of the shareholders in general meeting for cash at par and the amounts raised by this issue will be utilized for expansion projects of the Company.

Further it has been decided to increase the Authorised Share Capital of the Company subject to the approval of the shareholders of the Company from Rs 60,00,00,000 (sixty crores) dividend into 6,00,00,000 (six crores) Equity Shares of Rs 10 each to Rs 1,80,00,00,000 (one hundred eighty crores) divided into 6,00,00,000 (six crores) Equity Shares of Rs 10 each and 1,20,00,000 (one crore twenty lac) Redeemable Preference Shares of Rs 100 each by creation of 1,20,00,000 (one crore twenty lac) new Redeemable Preference Shares of Rs 100 each with the rights attached thereto in the manner provided by Articles of Association of the Company and to make the relevant changes in the Memorandum & articles of association of the Company.

The stock closed the day at Rs.32.05, up by Rs.0.35 or 1.10%. The stock hit an intraday high of Rs.33 and low of Rs.31.50.

The total traded quantity was 16418 compared to 2 week average of 12868.

Source : Equity Bulls

Keywords