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The board of directors of United Drilling Tools has considered and approved the allotment of 48.22 lakh equity shares to all the equity shareholders of the transferor company, i.e. Macro Steel Engineers Pvt Ltd. The swap ratio has been fixed at 2:9, which means two new equity shares of the company for every nine shares held in Macro Steel, pursuant to the scheme of amalgamation of Macro Steel with itself. The merger proposal has been approved by the High Court of Delhi. Shares of United Drilling slipped 2 per cent at ₹67.30 on the BSE.
Shareholders of Sadbhav Engineering , at an extra-ordinary general meeting on Saturday, approved fund-raising of up to ₹250 crore by way of a qualified institutional placement. The issue will be "in accordance with the provisions of Chapter VIII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws," the company said in a disclosure to the exchanges. Shares of Sadbhav Engineering closed at ₹215, down 2.14 per cent on the NSE.
ABG Shipyard has informed the exchanges that the Securities Issue Committee of the Board of Directors of the company has approved the allotment of about 8.29 crore 0.01 per cent compulsorily convertible preference shares of ₹10 each at par value to the CDR lenders as per the CDR package, on preferential basis. Shares of ABG Shipyard closed at ₹222.35, down 0.65 per cent over the previous day's close.
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