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| Exchange Received Time 01/03/2018 13:24:55 Exchange Disseminated Time 01/03/2018 13:25:00 Time Taken 00:00:05 | Please note that the Board of Directors at its meeting held on March 1, 2018 has approved following:
a. Issue and allotment of securities (equity and/or preference shares) for an aggregate amount of Rs.405 Crore in one or more tranches to a constituent of the promoters' group viz. Welspun Steel Ltd (Rs.230.75 Cr.) and to independent financial investors (Rs.174.25 Cr.) by way of private placement. The issue is subject to necessary corporate and regulatory approvals.
b. Alteration of Memorandum of Association for increasing the authorized share capital to enable the issue of above mentioned securities.
The Board meeting commenced at 9.30 am and concluded at 1.00 pm.
Kindly take the same on record.
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