Ispat Industries seeks approval to raise Rs 500 crores

Ispat Industries Ltd has announced that, in connection with the proposed issue of securities (including issue of Equity Shares through Depository Receipts and/or Convertible Bonds and/or Warrants carrying right to subscribe to equity shares and/or securities convertible into Equity Shares in the Company) to eligible investors, including Qualified Institutional Buyers, on private placement basis, upto an amount not exceeding Rs. 500 crores, the Board of Directors of the Company, at its meeting held on March 31, 2010, decided to seek approval of the Shareholders of the Company, for the proposed issue of securities, at an Extra Ordinary General Meeting.

The stock closed the day at Rs.19.40, up by Rs.0.20 or 1.04%. The stock hit an intraday high of Rs.19.55 and low of Rs.19.10.

The total traded quantity was 3879881 compared to 2 week average of 3815849.

Source : Equity Bulls

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