Tayo Rolls has locked in upper circuit of 20% at Rs 80.90, bouncing back 30% from intra-day low on BSE after the company allotted non-cumulative redeemable preference shares to its promoter Tata Steel on preferential basis.
“The committee of the board of directors of the company at their meeting held on December 01, 2014 have allotted 6,00,000 8.50% non-cumulative redeemable preference shares of Rs 100 each to Tata Steel on preferential basis,” Tayo Rolls said in a statement.
The stock opened at Rs 80 and touched a low of Rs 62.30 on BSE. The counter has seen huge trading volumes with 30,000 shares changed hands against an average sub 7,000 shares that were traded daily in past two weeks. At 1340 hours, there are pending buy orders for 18,894 shares on BSE.
As of September 2014, Tata Steel held 54.45% stake in the company, the shareholding pattern data shows.
“The committee of the board of directors of the company at their meeting held on December 01, 2014 have allotted 6,00,000 8.50% non-cumulative redeemable preference shares of Rs 100 each to Tata Steel on preferential basis,” Tayo Rolls said in a statement.
The stock opened at Rs 80 and touched a low of Rs 62.30 on BSE. The counter has seen huge trading volumes with 30,000 shares changed hands against an average sub 7,000 shares that were traded daily in past two weeks. At 1340 hours, there are pending buy orders for 18,894 shares on BSE.
As of September 2014, Tata Steel held 54.45% stake in the company, the shareholding pattern data shows.
