Sanghvi Forging & Engineering Ltd calls for Board Meeting on Oct 10, 2014

A meeting of the Board of Directors of Sanghvi Forging & Engineering Ltd will be held on October 10, 2014, to consider the resolutions in relation to warrants issue.

Pursuant to the resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on August 14, 2014 and In-Principle approval received from the Stock Exchanges, to allot 10,00,000 (Ten Lakhs) Warrants to the Promoters on receipt of 25% of amount received of issue price of Rs. 45/- (Rupees Forty Five only) each (including premium of Rs.35/- (Thirty Five only) in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and amendments thereto.

The board will also consider conversion of balance 6,00,000 (Six Lakhs) Warrants out of 12,00,000 (Twelve Lakhs) Warrants allotted on May 28, 2013 to the Promotes into 6,00,000 (Six Lakhs) Equity Shares on receipt of 75% of amount received of issue price of Rs. 37.50/- (Rupees Thirty Seven & fifty paisa) each (including premium of Rs. 27.50/- (Twenty Seven & fifty paisa), in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and amendments thereto.

Shares of SANGHVI FORGING AND ENGINEERING LTD. was last trading in BSE at Rs.37.25 as compared to the previous close of Rs. 38. The total number of shares traded during the day was 1683 in over 32 trades.

The stock hit an intraday high of Rs. 37.5 and intraday low of 35.9. The net turnover during the day was Rs. 60888.

Source : Equity Bulls

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