Southern Ispat and Energy approves allotment of 32123400 shares

Southern Ispat and Energy Ltd has announced that the Board of Directors of the Company at its meeting held on August 10, 2010 has passed necessary resolution for the GDR issue.

The Board has approved Deposit Agreement to be entered with The Bank of New York, Mellon in respect of the GDR issue.

The Board has approved the Deed poll to be entered by the company in favour of holders, owners of GDR and prospective purchasers.

The Board has approved the allotment of 32,123,400 equity shares of Rs. 10/- each underlying 1,090,780 GDR's issued in the name of Depositary (The Bank of New York Mellon) and issuance of Share certificate thereof.

The Board has approved the offering circular filed a Luxembourg Stock Exchange and the share certificate to be issue to Depository.

The stock was trading at Rs.14.45, down by Rs.0.03 or 0.21%. The stock hit an intraday high of Rs.14.80 and low of Rs.14.26.

The total traded quantity was 12735 compared to 2 week average of 45839.

Source : Equity Bulls

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