Bannari Amman Sugars Ltd allots 11 lakh shares

Pursuant to the Scheme of Amalgamation of M/s Madras Sugars Limited with Bannari Amman Sugars Ltd as approved by the Hon'ble High Court of Judicature at Madras vide its Order dated November 15, 2016, the Committee of Directors of the Company at its meeting held on February 10, 2017, has allotted 11,00,000 equity shares of Rs. 10/- each at par fully paid-up to the shareholders of M/s Madras Sugars Limited.

Further, M/s. Madras Sugars Limited is a wholly-owned subsidiary of M/s SVB Holdings Private Limited (The Promoter Group). Hence, the above shares are allotted to M/s SVB Holdings Private Limited. Consequently, the promoters shareholding has been increased from 54.72% to 58.70% as stated in the Scheme of Amalgamation submitted to the Stock Exchanges earlier.

The shares allotted above will be credited to the Demat Account of M/s SVB Holdings Private Limited through corporate action and listed on National Stock Exchange of India Limited and BSE Limited subject to the compliances of other formalities.

Shares of BANNARI AMMAN SUGARS LTD. was last trading in BSE at Rs.2231 as compared to the previous close of Rs. 2318.25. The total number of shares traded during the day was 129 in over 29 trades.

The stock hit an intraday high of Rs. 2300 and intraday low of 2230.9. The net turnover during the day was Rs. 291435.

Source : Equity Bulls

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