Ispat Industries allots 1086649874 Equity Shares to JSW Steel Limited

Ispat Industries Ltd has announced that the Securities Issue Committee of the Board of Directors of the Company, at its meeting held on January 24, 2011, have allotted to JSw Steel Limited, on preferential basis, 108,66,49,874 Equity Shares of Rs. 10/- each, in the Company, at a premium of Rs. 9.85 per share.

The aforesaid equity shares have been allotted pursuant to the Subscription cum Shareholders Agreement dated December 20, 2010, entered into by the Company with its Promoters and JSW Steel Limited, and the consent accorded by the shareholders of the Company at the Extraordinary General Meeting held on January 18, 2011.

The stock closed the day at Rs.25.20, down by Rs.0.10 or 0.40%. The stock hit an intraday high of Rs.25.55 and low of Rs.25.15.

The total traded quantity was 20.75 lakhs compared to 2 week average of 54.95 lakhs.

Source : Equity Bulls

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