India Steel - Outcome of Board Meeting
India Steel Works Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2008, has approved the following:
1. Subject the approval of the shareholders of the Company, a private placement of 3,65,50,000 equity shares of Re 1 each of the Company on preferential basis to a foreign investor at about Rs 29 per share, being an investment equivalent to USD 27 mn in the Company.
2. Convene and hold an Extra-Ordinary General Meeting of the Company on March 07, 2008 for the following;
i. Increase the Authorised Share Capital of the Company.
ii. To issue Cumulative Convertible Redeemable Preference Shares to the CDR Lenders as per the revised CDR Scheme.
iii. To increase the limit of foreign investment in the Company.
iv. To make a private placement of 3,65,50,000 equity shares of Re 1 each of the Company on preferential basis to a foreign investor at about Rs 29 per share, being an investment equivalent to USD 27 mn in the Company.
Tags: India Steel