Steel Strips Wheels to issue 5.5 lakh shares

Steel Strips Wheels Ltd has announced that the Board of Directors of the Company at its meeting held on February 22, 2010, inter alia, have approved the proposal to issue and allot 5,50,000 Equity Shares of Rs. 10/- each to Sh. Dheeraj Garg at a Price of Rs. 105/- each (i.e. at a premium of Rs. 95/- per shares) on preferential allotment basis, under the SEBI (issue of capital and Disclosure requirements) Regulation, 2009 and other applicable rules, regulations and guidelines, subject to the approval of shareholders and other regulatory authorities etc. Sh. Dheeraj Garg is Managing Director and belongs to the Promoter Category of the Company.

After the issue of Proposed Equity shares, the Paid up Share Capital of the Company shall increase from Rs. 13,06,61,700 dividend into 1,30,66,170 equity shares of Rs. 10/- each to Rs. 13,61,61,700 divided into 1,36,16,170 equity shares of Rs. 10/- each.

The Board also approved re-appointment of Sh. Dheeraj Garg as Managing Director of the Company on the existing terms & conditions subject to the approval of shareholders and other regulatory authorities etc.

The stock closed the day at Rs.99, up by Rs.0.55 or 0.56%. The stock hit an intraday high of Rs.102 and low of Rs.98.

The total traded quantity was 4102 compared to 2 week average of 1548.

Source : Equity Bulls

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