Mahindra Forgings fixes QIB issue price at Rs 107.75

Mahindra Forgings Ltd has announced that with respect to the issue of equity shares of face value of Rs. 10 each of the Company to QIBs under Qualified Institutions Placement in terms of Chapter VIII of SEBI Regulations, the duly authorized QIP & Issue Committee of the Board of Directors of the Company at its meeting held on February 24, 2010 approved an issue price of Rs. 107.75 (including a premium of Rs. 97.75) per Equity Share in connection with the proposed issue and allotment of up to 1,62,41,300 (One Crore Sixty Two Lakhs Forty One Thousand Three Hundred Only) Equity Shares aggregating to Rs. 175,00,00,075 (Rupees One Hundred Seventy Five Crore and Seventy Five only) under Chapter VIII of the SEBI Regulations.

The stock closed the day at Rs.105.15, down by Rs.2.05 or 1.91%. The stock hit an intraday high of Rs.109 and low of Rs.101.10.

The total traded quantity was 33825 compared to 2 week average of 66091.

Source : Equity Bulls

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