Sanguine Media to issue shares, finalize acquisition of Godavari Ads Pvt Ltd

Sanguine Media Ltd has announced that the Board of Directors of the Company at its meeting held on September 12, 2006, inter alia, has approved the following:

1. Issue preferential allotment of 12,00,000 Equity Shares of Rs 10/- each at a issue price of Rs 26.65 per share, on a private placement basis.

2. The Board finalized the consideration of Rs 150 lacs for acquisition of business from M/s Godavari Ads Pvt Ltd. The consideration being paid partly by cash of Rs 25.00 lacs and the balance will be paid by issue of 4,70,000 equity shares of Rs 10 each.

Source : Equity Bulls

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