Shree Precoated Steels approves demerger

Shree Precoated Steels Ltd has announced that at the Court convened meeting of the Company, held on January 12, 2009, the Composite Scheme of Arrangement between Ajmera Realty and Infra India Ltd (formerly known as "Shree Precoated Steels Ltd") and Ajmera Precoated Steels Ltd and their respective shareholders has been approved unanimously by equity shareholders of the Company present at the meeting and voting in person or proxy.

Further the said scheme envisages a Capital Reorganisation involving Capital Reduction. The Shareholders of the Company also at the Extra-ordinary General meeting held on January 12, 2009 have approved the special resolution with requisite majority for reducing equity share capital of the Company from Rs 1,18,28,29,170/- to Rs 35,48,48,750/- as a part of the said Composite Scheme of Arrangement.

The stock was trading at Rs.37.10, down by Rs.1.90 or 4.87%. The stock hit an intraday high of Rs.37.10 and low of Rs.37.10.

The total traded quantity was 426 compared to 2 week average of 35138.

Source : Equity Bulls

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