Sakthi Sugars Ltd approves issue of 22635757 shares

The Board of Directors of Sakthi Sugars Ltd at its meeting held on May 02, 2016, have, subject to the approval of the members, approved the issue of 2,26,35,757 equity shares of Rs. 10 each, at a price of Rs. 27.00 (Rupees twenty seven only) per equity share, as fully paid-up equity shares by conversion of loans aggregating to Rs. 61.12 crores to Asset Reconstruction Company (India) Limited (Arcil), on preferential issue basis.

The Board approved increasing the Authorised Share Capital of the Company from Rs. 160 crores to Rs. 170 crores divided into 12,00,00,000 equity shares of Rs. 10/- each aggregating to Rs. 120,00,00,000 and 50,00,000 Preference shares of Rs. 100/- each aggregating to Rs. 50,00,00,000/- by creation of additional 1,00,00,000 equity shares of Rs. 10/- each.

The Board approved the amendment of Capital Clause V of the Company's Memorandum of Association to increase in the Authorised Share Capital.

the Board approved passing of necessary resolutions by members in respect of the above through Postal Ballot.

Shares of SAKTHI SUGARS LTD. was last trading in BSE at Rs.39.2 as compared to the previous close of Rs. 39.05. The total number of shares traded during the day was 105314 in over 678 trades.

The stock hit an intraday high of Rs. 40.2 and intraday low of 38.95. The net turnover during the day was Rs. 4149312.

Source : Equity Bulls

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