Financial Daily from THE HINDU group of publications
Tuesday, Jan 31, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 31, 2006 |
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Corporate
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Preferential Allotments Suryavanshi Spinning board okays pref issue Our Bureau
Hyderabad , Jan. 30 THE board of directors of Suryavanshi Spinning Mills at its meeting held on Saturday approved resolutions for offering equity shares on preferential allotment basis. The board approved a proposal to offer 15,06,747 equity shares of Rs 10 each to institutions/ FIIs /strategic investors/ proposed investors on preferential basis at a price of Rs 87, including a premium of Rs 77 per share, for an aggregate amount of Rs 13.1 crore. The company informed the stock exchanges on Monday that the issue price of Rs 87 was calculated as per the formula specified in Chapter XIII of SEBI (Disclosure & Investors Protection) Guidelines, 2000. The company said the proposed investors were neither promoters nor persons acting in concert with the promoters. After the proposed allotment of 15,06,747 equity shares on preferential basis, the paid-up capital of the company would increase from Rs 5.65 crore to Rs 7.15 crore. The investors would hold 21.05 per cent of the increased equity capital of the company.
The board considers that the proposed preferential allotment of shares would be in the interest of the company. The board has decided to hold an extraordinary general meeting of shareholders on February 22 to seek their consent.
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