Gangotri Iron & Steel Company to make call for partly paid shares

Gangotri Iron & Steel Company Ltd has announced that the Board of Directors of the Company at its meeting held on February 11, 2010, have decided to make the call of Rs. 10/- per share (comprising of Rs. 5/- per share towards equity capital and Rs. 5/-per share as premium) on partly paid-up equity share issued through rights issue. And for this purpose the board have fixed February 26, 2010 as the record date for the purpose of ascertaining the holders of partly paid-up equity shares to whom Call Notice would be sent.

The Company came up with a rights issue of 61,53,680 equity shares of Rs. 10/- each for cash at a price of Rs. 20/- each including a premium of Rs. 10/- per equity share to the equity shareholders on rights basis in the ratio of 4 equity shares for every 5 equity shares held on the record date i.e. March 20, 2009. The issue price for the equity shares will be payable in two installments: 50% on application and 50% on call within 12 months.

Out of 61,53,680 equity shares, 57,19,694 shares were allotted on May 12, 2009 and a sum of Rs. 57196940/-was received.

The stock closed the day at Rs.37.75. The stock hit an intraday high of Rs.38.40 and low of Rs.37.45.

The total traded quantity was 27782 compared to 2 week average of 13080.

Source : Equity Bulls

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