Mumbai: Steel maker Ispat Industries Ltd on Wednesday said it has got board approval to issue share warrants to its promoter, the Mittal family.
The warrants can be converted to 5% shares of the company and will increase the promoter’s shareholding to above 46%. The family currently holds at least 41%. The company will seek shareholder approval for the move in a extraordinary general meeting in May, Anil Sureka, executive director (finance) said. The promoters have 18 months to pay for the issue. The company will also take shareholders’ permission to raise Rs500 crore by selling a stake to institutional investors, Ispat said.