Sika Interplant allots 26,00,000 shares on merger of Spaceciti Projects Pvt Ltd

Sika Interplant Systems Ltd has announced that the Board of Directors of the Company at its meeting held on April 23, 2007, has transacted the following:

1. The Board has taken on record the order of Hon'ble High Court of Karnataka, at Bangalore passed on March 26, 2007 sanctioning scheme of amalgamation of M/s. Spaceciti Projects Pvt Ltd with the Company.

2. The Company has allotted 26,00,000 equity shares of Rs 10/- each to the shareholders of M/s. Spaceciti Projects Pvt Ltd (SPPL) as per the Scheme of Amalgamation approved by Hon'ble High Court of Karnataka, at Bangalore passed on March 26, 2007. The aforesaid share are allotted in the ratio of 26 equity shares of the Company for every 1 equity share of SPPL who held shares on April 23, 2007. These equity shares shall rank pari passu in all respect with the existing equity shares of the Company and shall be entitled for full divined, if any to be declared for the financial year 2006-07. With this allotment issued and subscribed equity share capital of the Company stands increased to Rs 4,24,01,750/-.

3. The Board approved & decided to take suitable steps to list the new shares allotted on a Bombay Stock Exchange.

The stock was trading at Rs.68, down by Rs.1.70 or 2.44%. The stock hit an intraday high of Rs.69.10 and low of Rs.68. The total traded quantity was 111 compared to 2 week average of 4577.

Source : Equity Bulls

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