Bajaj Steel to consider allotment of 3 lakh shares on May 11, 2010

Bajaj Steel Industries Ltd has announced that pursuant of approval / consent of the members of the Company vide EGM dated April 30, 2010, a Meeting of the Board of Directors of the Company will be held on May 11, 2010, to consider and approve the allotment of 3,00,000 (Three Lacs) warrants convertible into Equity Shares of Rs. 10/- each at a price of Rs. 264/- per share (including a premium of Rs. 254/- per share) on preferential basis to M/s. Vidarbha Tradelinks Pvt. Ltd., Promoter Group Company and M/s. Nissan Merchandise Pvt. Ltd., Strategic Investor, in compliance with Chapter VII of the SEBI (ICDR) Regulations, 2009.

The stock closed the day at Rs.236.20, down by Rs.15.35 or 6.10%. The stock hit an intraday high of Rs.254.40 and low of Rs.232.50.

The total traded quantity was 12539 compared to 2 week average of 7053.

Source : Equity Bulls

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