Electrosteel Castings Ltd has proposed an issue of shares on preferential basis to the promoters/non-promoters worth Rs 40 crore. The company’s board would discuss the subject on October 24.

The company also informed stock exchanges that the board would consider and approve the unaudited financial results for the quarter ended September 30, 2013, and a statement of assets and liabilities for the half year (April-September) of FY14.

The Re 1 Electrosteel stock closed on Tuesday at Rs 14.53, up 2.18 per cent, on the BSE.