Usha Martin, engaged in the manufacture of specialty steel and value-added steel products  today said that its board of directors at its meeting held today has decided to seek shareholders approval by way of special resolution to raise up to Rs 5 billion through issuing equity shares / securities by way of various routes including QIP.

The board has convened the EOGM of shareholders on Dec. 07, 2009 for this purpose.

Shares of the company declined Rs 2.3, or 3.06%, to settle at Rs 72.95. The total volume of shares traded was 120,039 at the BSE (Thursday).