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The stock of Uttam Galva Steel gained the maximum possible limit of 5 per cent on Wednesday at Rs 72.25 after the company said it plans to raise about Rs 175 crore through placement of shares to fund expansion and augment long term-resources.
The company seeks shareholders nod on March 23 for the proposal.
"The company proposes to raise funds up to Rs 175 crore in one or more tranches through a public issue and/or a private placement basis and/or QIP...," it said in a letter to the shareholders.
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