Southern Iron & Steel said that the ICICI Bank is holding nearly 31.11 million equity shares, which is 9.40% of the total equity shares of the company, as on Dec. 22, 2007, following the allotment of shares by the company. On Dec. 22, 2007, the company has allotted 13,133,871 equity shares of Rs 10 each at a premium of Rs 52 a share to ICICI Bank, on conversion of optionally convertible loan of Rs 814.30 million as per the CDR package and master restructuring agreement dated Jul. 11, 2007. Prior to aforesaid allotment, ICICI Bank was holding nearly 17.97 million equity shares in the company which is equivalent to 6.14% of the equity shares.
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