Bhubaneswar-based Orissa Sponge Iron & Steel Ltd has informed that its board of directors has decided to issue 4 million equity share warrants convertible into same number of equity share of Rs 10/- to TRFI Investment Pvt. Ltd. a promoter group Company at a price calculated as per SEBI Guidelines.

Further, the board has decided to issue 30,00,000 equity share warrants convertible into same number of equity share to existing share holder i.e. Prakasauli Investment (India) P Ltd and its subsidiary and or person interested in concert at price calculated as per SEBI Guidelines.

The approval of the above issue of equity share warrant will be taken by member through postal ballot root.

Orissa Sponge Iron and Steel Limited engages in the production and sale of sponge iron and steel billets primarily in India. It also produces electric power recovering energy from waste gas, coal fines, and coal char from the Sponge iron plant.

At 1:50 pm, Orissa Spone was quoting at Rs 270, up Rs 13, or 5%. The total number of shares traded was 15815 on BSE.