GGEL bags Rs. 21-crore iron ore supply order from an industrial group.

G G Engineering Ltd. (GGEL) has received an iron ore supply order worth Rs. 21 crore, the company said recently.

The order bagged from an industrial group will be completed within next 30-45 days, GGEL said in a statement.

"GGEL has received order valued Rs. 210 million for supplying iron raw material to prominent industrial houses, and is anticipating additional orders as well for Q3 of the current financial year," it said without sharing any further details.

In a separate statement, the company said its board has approved a rights issue for 49 crore shares of face value of Re. 1 each at a price of Rs. 1 per rights equity share to the eligible applicants.

A rights issue or rights offer is a subscription that allows its existing shareholders to buy additional shares at a discounted price, it said.

"The company invites existing shareholders to purchase additional new shares at a discounted rate. It is an opportunity for shareholders to increase their exposure to the stock at a discount price," the company said.

BS