MSP Steel & Power (MSPL) has received its board approval to issue 6% Non Cumulative Redeemable Preference amounting to Rs 120 crore. For this new issue the Company will increase its authorized share capital. The Company shall obtain the approval of the shareholders through postal ballot. The board of company at its meeting held on July 06, 2013 has approved for the same.
MSPL, the flagship company of the MSP group, is over a decade old business house belonging to Agrawal family of Kolkata. It is currently engaged in manufacturing of sponge iron, billets, TMT bars and structural’s besides having backward integration for washing of coal, pellets cum iron ore beneficiation and power. Besides, the company is also involved in trading of steel products.
