Sumeet Industries Ltd Board approves Rights Issue of equity shares

At the meeting of the Board of Directors of Sumeet Industries Ltd held on February 13, 2017, the Board of Directors has considered and approved Issue of Equity Shares upto Rs. 60.00 Crores by way of offer and issue of equity shares to the existing shareholders of the Company on a rights basis (Right Issue), at such issue price and rights entitlement ratio as may be decided by the Board in consultation with the Lead Manager, subject to necessary approvals, confirmations and consents as may be necessary/ required for compliance of applicable law including the provisions of the SEBI (ICDR) Regulations, 2009, SEBI (LODR) Regulations, 2015 and the Companies Act 2013.

The Board of Directors of the Company evaluated the proposal of setting up Coal based Captive Power Plant which will further reduce our power cost and setting up another new Texturizing Machines which will also improve profit margins with estimated capital expenditure of Rs. 100.00 Crores.

The Board has approved appointment of Mr Dipesh Dasadia as an Additional Director w.e.f. February 13, 2017 Further as per the terms of appointment, the tenure of the said director shall hold office up to the date of the next Annual General Meeting.

Shares of SUMEET INDUSTRIES LTD.-$ was last trading in BSE at Rs.36.7 as compared to the previous close of Rs. 37.85. The total number of shares traded during the day was 140402 in over 526 trades.

The stock hit an intraday high of Rs. 38.25 and intraday low of 36.1. The net turnover during the day was Rs. 5231562.

Source : Equity Bulls

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