Lloyds Steel Industries to issue 16.85 crore warrants

Lloyds Steel Industries Ltd has announced that the Board of Directors of the Company at its meeting held on November 30, 2009, inter alia, has approved the issue of 16,85,00,000 Warrants of Rs. 10/- each at a price to be determined based on SEBI (ICDR) Regulations, 2009 on preferential basis to Promoter Group to be later on converted into Equity shares of the Company subject to approval of the shareholder's and in accordance with the SEBI and other applicable Guidelines/ Regulations and to Increase Equity Authorised Share Capital of the company from Rs. 250 Crores to Rs. 500 Crores and consequent amendments in the Authorised Share Capital Clauses of the Memorandum and Articles of Association of the company.

The Board approved forfeiture of shares remaining unpaid after sending a final notice to the shareholders to pay their dues.

The stock was trading at Rs.8.65, up by Rs.0.44 or 5.36%. The stock hit an intraday high of Rs.9.03 and low of Rs.8.46.

The total traded quantity was 121161 compared to 2 week average of 192688.

Source : Equity Bulls

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