Mahindra Forgings allots 16241300 shares

Mahindra Forgings Ltd has announced that QIP and Issue Committee of the Board of Directors of the Company at its meeting held on March 02, 2010, has allotted 1,62,41,300 (One Crore Sixty two Lakhs Forty One Thousand Three Hundred Only) equity shares of face value Rs.10 each at a price of Rs.107.75 per equity share, Including a premium of Rs.97.75 per equity share, aggregating to Rs.175,00,00,075 (Rupees One Hundred Seventy Five Crore and Seventy Five only) to Qualified institutional Buyers in terms of Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation, 2009 as amended.

The stock was trading at Rs.110.80, up by Rs.3 or 2.78%. The stock hit an intraday high of Rs.111.35 and low of Rs.109.

The total traded quantity was 12211 compared to 2 week average of 62625.

Source : Equity Bulls

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