Indian Metals allots 2511754 equity shares

Indian Metals & Ferro Alloys Ltd (IMFA) has announced that the Allotment Committee of the Company have allotted 2,511,754 equity shares of Rs. 10/- each fully paid-up ("New Equity Shares") to the shareholders of Utkal Manufacturing & Services Ltd. ("UMSL") in the ratio of 28 equity shares of Rs. 10/- each fully paid-up of the Company for every 9 equity shares of Rs. 10/- each held by them in UMSL.

The New Equity Shares shall rank pari passu in all respects with the existing equity shares of IMFA as mentioned in the Scheme of Arrangement.

The stock was trading at Rs.414, up by Rs.6.30 or 1.55%. The stock hit an intraday high of Rs.416 and low of Rs.397.50.

The total traded quantity was 6598 compared to 2 week average of 17662.

Source : Equity Bulls

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