Sarda Plywood to issue 6,40,000 warrants

Sarda Plywood Industries Ltd has announced that the Board of Directors of the Company at its meeting held on April 16, 2007 has approved the proposal of issue of 6,40,000 Convertible Warrants carrying an option / entitlement to subscribe to equivalent number of Equity Shares of the Rs 10/- each to M/s. Cuckoo Fiscal Services Ltd on preferential basis at a price to be determined in accordance with Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 and subject to approval of the members of the Company by postal ballot.

Further the Company has informed that, the Board has also decided to abandon the Scheme of Amalgamation of M/s. P S Plywood Products Pvt Ltd with the Company.

The stock was trading at Rs.37.5, up by Re.0.15 or 0.40%. The stock hit an intraday high of Rs.37.50 and low of Rs.37. The total traded quantity was 709 compared to 2 week average of 3044.

Source : Equity Bulls

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