Steel Strips Wheels board allots equity shares

Mumbai, May 8: Steel Strips Wheels Ltd has exercised its option for part conversion of 77,500 OCPS (optionally convertible preference shares) of Rs 145 each into 77,500 equity shares of Rs 10 each at Rs 145 per share.

This was in compliance to the terms of the issue of the OCPS to the preference shareholder - New Vernon Pvt Equity Ltd of Mauritius (formerly New Vernon Bharat Ltd), the company informed BSE.

The allotment committee of the board of directors at its meeting held today allotted 77,500 equity shares of Rs 10 each fully paid up to New Vernon Pvt Equity Ltd.

The paid-up capital of the company now stands increased from Rs 11.07 crore to Rs 11.15 crore comprising of 1,11,52,700 equity shares.

UNI