Modern Steels to consider issue of 14 lakh warrants

Modern Steels Ltd has announced that the Board of Directors of the Company at its meeting held on March 20, 2010, inter alia, has decided to obtain the approval of the Members of the Company at the forthcoming Extraordinary General Meeting in respect of issue of up to 14,00,000 warrants convertible into equity shares at a price of Rs. 33 per share (price being not less than the price calculated as per the SEBI (DIP) Guidelines, 2000) on preferential basis, to be converted into equivalent number of equity shares within a period of 18 months from the date of allotment to the Promoters & members of the Promoter Group namely Mr. Krishan Kumar Goyal, Mrs. Alka Goyal and Mr. Aditya Goyal of the Company in one or more tranches.

An Extraordinary General Meeting of the shareholders has been fixed on April 19, 2010.

The stock closed the day at Rs.37.55, up by Rs.1.75 or 4.89%. The stock hit an intraday high of Rs.37.55 and low of Rs.36.90.

The total traded quantity was 19383 compared to 2 week average of 46651.

Source : Equity Bulls

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