Pramod and Vinod Mittal-promoted Ispat Industries today said it would raise over Rs 500 crore through issue of share warrants to promoters on a preferential basis.The company said in a filling to the Bombay Stock Exchange (BSE) that the board has approved the issue and allotment of 11.32 crore share warrants to eligible promoters at a price of Rs 44.69 each aggregating to Rs 506 crore.The holder of the share warrants would have an option to apply for and be allotted one equity share of the company at any time after the date of allotment in one or more tranches, the company said.Ispat further said that the Managing Director V K Mittal, has been re-designated as Vice-Chairman and Managing Director of the company. While, Vinod Garg has been re-designated as Executive Director (Commercial).All the changes in the designation come into effect immediately, it added.Shares of the company closed up 10% at Rs 32.90 on the BSE on Thursday.
