Electrosteel Castings said that the board of directors decided to issue upto 170,00,000 equity shares of Re 1 each at an approximate price of Rs 19.41 a equity share aggregating upto Rs 329.9 million to the promoters of the company on preferential basis.
The issuance of the said securities shall however be subject to the approval of the shareholders of the company at the general meeting and the issuance of the equity shares shall also be in terms of the provisions of the SEBI, Regulations, 2009 and Companies Act, 2013 read together with the related rules thereunder, the company said.
Shares of the company gained Rs 1, or 4.55%, to trade at Rs 23. The total volume of shares traded was 376,819 at the BSE (2.32 p.m., Friday).