Ispat Industries to issue Equity Share Warrants to Promoter Group on preferential basis

Ispat Industries Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2010, considered and approved issue of share warrants, carrying a right to convert into Equity Shares, to the constituent(s) of the Promoter Group, on preferential basis, not exceeding 5% of the post-issue voting rights in any financial year upto 18 months from the date of allotment thereof.

The proposed issue of share warrants shall be subject to approval by the shareholders of the Company and such other consent(s) / approval(s) / permission(s) as may be required.

The Board has also decided to seek approval of the Shareholders of the Company, for the proposed issue of Equity Share Warrants, at an Extra Ordinary General Meeting.

The holder(s) of the share warrants shall have the right to subscribe to 1 (one) Equity Share against each share warrant held by them, any time within a period of 18 months from the date of allotment of the warrants.

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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