October 08, 2008

ArcelorMittal gets approval for issuing 15 billion shares

ET reported that shareholders of global steel giant ArcelorMittal have authorized the company's board to issue fresh shares worth an estimated USD 15 billion to finance future acquisitions.

ArcelorMittal shareholders approved the proposal to issue 147 million fresh equity shares, representing about 10% of its outstanding share capital, worth about USD 14.3 billion at the current share price of USD 97.23.

Authorization for issuing shares comes along with power to limit or cancel preferential subscription rights of existing shareholders for a period ending on November 5th 2012.