Sumeet Industries EGM approves bonus issue, preferential issue

Sumeet Industries Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 31, 2007, inter alia, have adopted the following resolutions unanimously:

1. Issue of Bonus Shares in the ratio of 1 Shares for every 10 Shares held by the Shareholders.

2. Allotment of 2,50,000 equity shares to M/s. Bennat and Collman Ltd (Times of India Group) and 6,67,000 equity shares to M/s. Vishwas Infrastructure Ltd. On a preferential basis @ Rs 30/- per share.

3. Increase in Authorised Share Capital of the Company from existing Rs 25 Crores to Rs 50 Crores.

4. Board of Directors have been authorized to issue further shares to public under section 81(1A) of the Companies Act. 1956 to fund its expansion plan of Rs 90 Crores to increase its production capacity by four folds and some backward integration to produce higher quality products.

Source : Equity Bulls

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