MSP Steel & Power hits upper circuit on preference share plans
BS Reporter / Mumbai Aug 21, 2009, 14:17 IST
MSP Steel and Power closed at its upper circuit limit of Rs 30. The counter clocked a volume of 3,202 shares as against its two-week traded quantity of 6,466 shares.
____________________________________________________________ (Updated 1215 hrs)
MSP Steel & Power hit its upper circuit at Rs 30, after the company declared issue of redeemable preference shares worth Rs 120 crore in an issue to the BSE.
The stock opened at its uppeer circuit and locked since then. The counter clocked a volume of 2,401 as against its two-week average traded quantity of 6,466 shares.
MSP Steel & Power informed BSE that the Board of Directors of the Company at its meeting held on August 20, 2009 approved issue of redeemable preference shares for an amount not exceeding Rs 120.00 crore, and an increase of authorized share capital from existing Rs 60 crore to Rs 75 crore.
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