Lloyds Steel Industries allots 16.85 crore warrants

Lloyds Steel Industries Ltd has announced that the Committee of the Board of Directors of the Company at their meeting held on February 06, 2010 allotted 16,85,00,000 Warrants of Rs. 10/- each issued on preferential basis to be later on converted at the option of the allottee within a period of 18 months into 16,85,00,000 Equity Shares of Rs. 10/- each at par to Promoter Group.

The Board also allotted 1,30,00,000 Equity Shares of Rs. 10/- each at par to IDBI Bank Ltd. against part conversion of existing part loan into equity on preferential basis.

The Stock closed the day at Rs.11, up by Rs.0.17 or 1.57%. The stock hit an intraday high of Rs.11.25 and low of Rs.10.75.

The total traded quantity was 36439 compared to 2 week average of 221988.

Source : Equity Bulls

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