Shekhawati Poly Yarn Ltd withdraws preferential issue

The Board of Directors of Shekhawati Poly Yarn Ltd at its meeting held on October 10, 2014, inter-alia, has considered and decided to withdraw the preferential issue of 17,98,89,330 Warrants convertible into Equity Shares as approved by the shareholders of the Company in their 23rd Annual General Meeting held on September 12, 2014 due to non disclosure of "the identity of the natural persons who are the ultimate beneficial owners of the shares proposed to be allotted and/or who ultimately control the proposed allottees" in the explanatory statement to the notice of the said 23rd AGM under Regulation 73 (1) (e) of SEBI (ICDR) Regulations, 2009.

The Board has decided to file with the Stock Exchanges a fresh application for the Preferential Issue in Compliance with SEBI (ICDR) Regulations, 2009, Companies Act, 2013 and other applicable laws, rules and regulations.

Shares of SHEKHAWATI POLY-YARN LTD. was last trading in BSE at Rs.1.75 as compared to the previous close of Rs. 1.74. The total number of shares traded during the day was 12367 in over 68 trades.

The stock hit an intraday high of Rs. 1.88 and intraday low of 1.6. The net turnover during the day was Rs. 20096.

Source : Equity Bulls

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