Rajshree Sugars & Chemicals Ltd proposes Preferential Allotment

Rajshree Sugars & Chemicals Ltd proposes to make a preferential allotment of Equity Shares to one of its promoters. For this purpose, an Extraordinary General Meeting is being convened to be held on February 10, 2016.

As per the requirement of Regulation 78 of SEBI (ICDR) Regulations, the prompter proposes to lock-in the shares as detailed below:

- 11,80,000 equity shares proposed to be allotted on preferential basis to the promoter will be subjected to lock in for a period of three years from the respective date/s of trading approval.

- The entire existing shareholding of 83,70,884 equity shares of the promoter shall be locked in from the relevant date up to the period of six months from the date of trading approval of the proposed preferential allotment.

The existing 83,70,884 shares have already been pledged with voting rights in favour of M/s. SBICAP Trustee Company Ltd, who is holding the pledge on behalf of CDR lenders of the Company. The proposed allotment of 11,80,000 equity shares shall also be pledged with said Trustee as per the Pledge Agreement entered into between the said promoter and the Trustee.

Shares of RAJSHREE SUGARS & CHEMICALS LTD. was last trading in BSE at Rs.30.5 as compared to the previous close of Rs. 29.5. The total number of shares traded during the day was 1700 in over 14 trades.

The stock hit an intraday high of Rs. 31.5 and intraday low of 29.1. The net turnover during the day was Rs. 52120.

Source : Equity Bulls

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