At meeting held on 28 October 2016
Vardhman Special Steels announced that subject to the other approvals as may be applicable, the Board of Directors of the Company in its meeting held on 28 October 2016 has approved further issue of equity shares of the face value of Rs. 10 each for cash on Rights basis in the ratio of 2:3 (2 shares for every 3 shares held) at a price of Rs. 50 per share (inclusive of Share premium of Rs. 40 per share) aggregating to Rs. 61.85 crores approximately to the eligible existing equity shareholders of the Company.Further, subject to the other approvals as may be applicable, the Board of Directors has approved to issue Equity Shares to the employees of the Company along with the eligible existing equity shareholders at the same price within the limits as prescribed under relevant SEBI Regulations.
The Board of Directors has also constituted a Committee of Directors to do all such acts and deeds as may be required for further issue of shares on Rights basis.
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