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Our Bureau

Hyderabad , Sept. 23

SUJANA Metal Products Ltd has completed allotment of 85 lakh shares on a preferential basis to specified foreign institutional investors, corporate bodies and individuals and 50 lakh compulsorily convertible warrants to promoters at a price of Rs 62 a share.

The company has received an amount of Rs 55.8 crore towards the above equity and warrants. This was stated at a meeting of the board of directors of the company held today. Under the prevailing SEBI Guidelines, preferential allotment of equity will attract a three years lock-in to promoters and one-year lock-in to non-promoters, a company release said.

Funds raised from the above dilution of equity are being utilised for expansion of galvanized transmission tower manufacturing capabilities.

Post expansion, it would become one of the largest power and telecom transmission tower manufacturing company in the country.

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Sujana Metals makes preferential allotment

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