Sintex Industries to issue 3 crore warrants to promoters

The Board of Directors of Sintex Industries Ltd at its meeting held on October 11, 2012 has considered and approved the proposal to issue up to 3,00,00,000 Warrants having face value of Re. 1/- each to Promoters of the Company on preferential allotment basis in terms of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and all other applicable Rules & Regulations.

The Board approved proposal to re-classify the un-issued preference share capital of Rs. 15 Crores divided into 15,00,000 Preference Shares of Rs. 100/- each into 15,00,00,000 equity shares of Re. 1/- each in the authorized Share Capital of the Company which is at present Rs.65,00,00,000/- comprising 50,00,00,000 Equity Shares of Re. 1/- each and 15,00,000 preference shares of Rs. 100 each, so that the authorized share capital after such reclassification stands at the same level of Rs. 65,00,00,000/- comprising 65,00,00,000 Equity Shares of Re. 1/- each.

An Extraordinary General Meeting of the Company will be held on November 09, 2012 for seeking approval on above matters.

The Sintex Industries Ltd stock was trading at Rs.74.35, up by Rs.4 or 5.69%. The stock hit an intraday high of Rs.74.45 and low of Rs.69.

The total traded quantity was 16.85 lakhs compared to 2 week average of 9.87 lakhs.

Source : Equity Bulls

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