Mukesh Steels to raise funds through preferential issue, rights issue

Mukesh Steels Ltd has announced that the Board of Directors of the Company at its meeting held on March 14, 2007, has considered and approved the following:

To raise funds by way of issuance of 20,00,000 Preferential Equity Shares / Warrants convertible into equity at a price as determined by SEBI (Substantial Acquisition & Take Over regulations), 1992 and other relevant guidelines, issued for the purpose for the pricing of the issue, whichever higher, subject however to passing of the resolution by the shareholders in the Extra Ordinary General Meeting (EOGM) to the persons to be named in the notice of EOGM.

The Board has further decided to make a right issue for the existing shareholders of the Company in the ration of 1:2.

The Board has further decided to call an Extra Ordinary General Meeting to be held on April 14, 2007.

Source : Equity Bulls

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