JSW Steel allots 1.75 crore warrants to Promoter Group Company

JSW Steel Ltd has announced that in terms of the approval accorded by the Board of Directors at its meeting held on May 03, 2010 & the Members at their Extra-Ordinary General Meeting held on June 02, 2010, the Share Allotment Committee of Directors of the Company, at its meeting held on June 16, 2010 has allotted 1,75,00,000 (One crore seventy five lakhs) Warrants to Sapphire Technologies Ltd., a Promoter Group Company, on a preferential basis.

Each warrant entitles the holder to apply for and be allotted one equity share of the Company of par value of Rs. 10/- each, at a price of Rs. 1,210/- per share, at any time within 18 months from the date of allotment of the warrants. The above issue of warrants on a preferential basis is in accordance with Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The shareholding of 44.99% held by the promoters as on May 28, 2010 will increase to 49.70% on conversion of all of the aforesaid warrants.

The stock closed the day at Rs.1056.80, down by Rs.6.10 or 0.57%. The stock hit an intraday high of Rs.1078 and low of Rs.1051.

The total traded quantity was 334400 compared to 2 week average of 491304.

Source : Equity Bulls

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