Sudar Industries Ltd to consider fund raising on May 10, 2014

A meeting of the Board of Directors of Sudar Industries Ltd will be held on May 10, 2014, to consider the amendment in the Other Object Clauses of the Memorandum of Association of the Company subject to approval of members of the Company.

The Board will consider issue of various financial instruments such as Global Depositary Receipts (GDRs), American Depositary Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs), etc. up to USD 25 Million under applicable provisions of Companies Act, 2013 and SEBI Regulations, subject to the approval of members of the Company.

The Board will consider the company's fund raising program through issue of Equity Shares on preferential basis to Non Promoters up to USD 25 Million, in pursuant to applicable provisions of the Companies Act, 2013 and SEBI Regulations, subject to the approval of the Members of the Company.

The Board will consider conducting Postal Ballot of the Company for the above matters pursuant to Section 110 of the Companies Act, 2013 and Companies (Management and Administration) Rules, 2014 and to finalize the Notice of Postal Ballot for the same.

The Board will also consider appointment of Scrutinizer to oversee the Postal Ballot process of the Company.

Shares of SUDAR INDUSTRIES LTD. was last trading in BSE at Rs.19.75 as compared to the previous close of Rs. 20.1. The total number of shares traded during the day was 2050 in over 17 trades.

The stock hit an intraday high of Rs. 20.4 and intraday low of 19.75. The net turnover during the day was Rs. 40595.

Source : Equity Bulls

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