Bajaj Steel approves issue of 3 lakh warrants

Bajaj Steel Industries Ltd has announced that the Board of Directors of the Company at its meeting held on March 19, 2010, has considered and approved the issue of 3,00,000 (Three Lacs) warrants convertible into Equity Shares of Rs. 10/- each at a price of Rs. 200/- per share (including at a premium of Rs. 190/- per share) on preferential basis to M/s. Vidarbha Tradelinks P Ltd covered and referred to as Promoter Group Company and to M/s. Nissan Merchandise P Ltd, a Strategic Investors not forming part of Promoter Group, in compliance with Chapter VII SEBI (ICDR) Regulations, 2009, and subsequent amendments thereto and subject to "In-Principle - Approval" from stock exchange and also approval of the shareholders.

Further the Company has informed that the Board has also decided to convene an Extraordinary General Meeting of the shareholders of the Company pursuant to section 81 (1A) and other relevant provisions of the Companies Act, 1956 & other rules & regulations, on April 30, 2010 for approval of the above mentioned matters.

The stock was trading at Rs.200.40, up by Rs.10.70 or 5.64%. The stock hit an intraday high of Rs.202.90 and low of Rs.192.

The total traded quantity was 16278 compared to 2 week average of 38028.

Source : Equity Bulls

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