Sakthi Finance to issue rights issue on 1:2 ratio

Sakthi Finance Ltd has announced that the Board of Directors of the Company at its meeting held on April 23, 2007 has confirmed the decision for the issue of 1,00,35,660 equity shares of Rs 10/- each at par aggregating to Rs 10,03,56,600 on Rights Basis to the existing shareholders of the company in the ratio of 1 equity share for every 2 equity shares held on a date to be finalized later.

The Draft Letter of Offer and the financial statements as at December 31, 2006 have been approved and the same will he filed with SEBI and the Stock Exchanges.

The Directors have also approved the appointment of Lead Merchant Bankers, Registrars, Bankers and Legal Advisors to the issue.

The stock closed the day at Rs.12.25, down by Re.0.95 or 7.20%. The stock hit an intraday high of Rs.12.80 and low of Rs.11.91. The total traded quantity was 2200 shares compared to 2 week average of 1529.

Source : Equity Bulls

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