Orissa Sponge to convert 30 lakh warrants into shares

The board of directors of Orissa Sponge Iron & Steel Ltd has passed a resolution to covert 30 lakh warrants allotted to the promoter group, TRFI Investment Pvt Ltd, into equity shares on Thursday.

The company in a statement to Bombay Stock Exchange (BSE) informed that the decision was taken on meeting of board of directors held on 4 March. The declaration from the company over the conversion of warrants into shares, had put positive impact on its shares.

On Thursday the shares of Orissa Sponge Iron & Steel Ltd were up 4.99 per cent. The price of shares reached to Rs 377.90 on the BSE. The offer will open on April 24 and close on May 13, according to the statement to the BSE.