Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Ispat to sell share warrants to promoter
BackBack

Ispat to sell share warrants to promoter

Ispat to sell share warrants to promoter

Premium

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 31 Mar 2010, 10:33 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie