Sundaram Multi Pap Updates on scheme of arrangement

Sundaram Multi Pap Ltd has announced that the Target Acquisition Company's namely M/s. Sihora Paper Mills Limited & M/s. Vidarbha Paper Mills Ltd have held their EGM at Nagpur and also the meetings of Secured Lenders to approve the Scheme of Arrangement between the Company and Transferor Company's M/s. Sihora Paper Mills Ltd & M/s. Vidarhha Paper Mills Ltd.

The Equity Shareholders, Preference Shareholders, Secured Lenders / Creditors of the Company at the Court Convened Meeting held on 4th August 2007, have approved the Composite Scheme of Arrangement between the Company & M/s. Sihora Paper Mills Ltd & M/s. Vidarbha Paper Mills Ltd & their Respective Shareholders without any amendments, with requisite majority.

The stock closed the day at Rs.15.85, up by Rs.0.15 or 0.96%. The total traded quantity was 18462 compared to 2 week average of 32911. The stock hit an intraday high of Rs.16.35 and low of Rs.15.70.

Source : Equity Bulls

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