Hon'ble High Court of Andhra Pradesh approves Scheme of Arrangement of Sujana Metal

Sujana Metal Products Ltd has announced that the Hon'ble High Court of Andhra Pradesh had allowed and approved the Scheme of Arrangement between the Company and M/s. Sujana Towers Ltd and Amalgamation of M/s. Sujana Steels Ltd with the Company on April 10, 2007 and the Certified Copy of the High Court Order is expected.

The stock closed the day at Rs.130.55, up by Rs.6.20 or 4.99%. The stock closed at the upper level of the circuit limit of Rs.130.55. The total traded quantity was 347447 at a weighted average price of Rs.128.25 compared to 2 week average volume of 231341 shares.

FIIs have been lapping up the shares in the past few weeks in anticipation of the demerger.

Source : Equity Bulls

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