Surana Industries to setup 100% subsidiary Surana Power Ltd

Surana Industries Ltd has announced that a meeting of the Board of Directors of the Company will be held on October 16, 2007, to consider the following:

Starting up of a 100% owned Subsidiary Company of the Company to be named as SURANA POWER LTD, subject to approval of the name by the Registrar of Companies. The purpose of starting of this Subsidiary Company to establish a 100 MW Wind Mill Power Project in Tamil Nadu as there has been a good scope for the Power Sector in the country. The financing pattern of this Project will be finalized in consultation with the proposed Equity Capital Contributors and the Bankers who will be financing this project. The Company will also obtain all the requisite permission from the statutory authorities and Bankers before commencement of the Project.

The stock was trading at Rs.172.60, up by Rs.2.95 or 1.74%. The stock hit an intraday high of Rs.186 and low of Rs.170.

The total traded quantity was 192385 compared to 2 week average of 65782.

Source : Equity Bulls

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