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The board of directors of Electrosteel Castings on Friday approved preferential allotment of 1.7 crore shares at ₹19.41 a share for a cash consideration of ₹32.99 crore to its promoters. An extraordinary general meeting will be held on May 12 to obtain shareholder approval for the preferential issue. Electrosteel Castings gained 2.9 per cent at ₹22.70 on the NSE.
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