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Sakthi Finance Ltd board approves rights issue of Rs. 50 crores

Posted On: 2019-01-16 13:46:50

The Board of Directors of Sakthi Finance Ltd have, at their meeting held today (i.e. Saturday, 12th January 2019), considered and approved the fund raising proposal.

The board approved proposal for increasing the authorized share capital of the Company from Rs. 100 crores (Equity Shares : Rs. 70 crores and Preference Shares : Rs. 30 crores) to Rs. 130 crores (Equity Shares : Rs. 100 crores and Preference Shares : Rs. 30 crores) with consequential change in the Capital Clause of the Memorandum of Association.

The board approved rights issue of Equity Shares for an amount not exceeding Rs. 50 crores to the existing shareholders of the Company.

The Board has also authorized the existing Finance and Investment Committee (F & I Committee) to decide on the terms and conditions of the issue including appointment of intermediaries, the issue size, issue price, timing of the issue, rights entitlement ratio, record date etc and all other matters incidental to the issue.

The board approved conducting Postal Ballot process for seeking member's approval in respect of increasing the authorized share capital of the Company from Rs. 100 crores to Rs. 130 crores with consequential change in the Capital Clause of the Memorandum of Association and Rights Issue of Equity Shares for an amount not exceeding Rs. 50 crores to the existing shareholders of the Company.

Shares of SAKTHI FINANCE LTD. was last trading in BSE at Rs.21.4 as compared to the previous close of Rs. 21.25. The total number of shares traded during the day was 4290 in over 32 trades.

The stock hit an intraday high of Rs. 21.75 and intraday low of 20.65. The net turnover during the day was Rs. 90234.


Source: Equity Bulls

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