Steel Strips Wheels EGM approves allotment of 550000 shares

Steel Strips Wheels Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on March 24, 2010, inter alia, have approved the proposal to offer, issue and allot up to 5,50,000 Equity Shares of Rs. 10/- each fully paid up, for cash, at a price of Rs.105/- per share (i.e. at a premium of Rs. 95/- per share) to Sh. Dheeraj Garg on Preferential allotment basis.

The Board also approved re-appointment of Sh. Dheeraj Garg as Managing Director of the Company for a period of five years w.e.f. June 01, 2010.

The stock was trading at Rs.109.15, up by Rs.0.45 or 0.41%. The stock hit an intraday high of Rs.111.60 and low of Rs.109.05.

The total traded quantity was 2164 compared to 2 week average of 17758.

Source : Equity Bulls

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