Suryalata Spinning Mills Ltd approves preferential issue

The Board of Directors of Suryalata Spinning Mills Ltd at its meeting held on March 14, 2015, has taken note of all existing Deposits of Rs.1.50 Crores, repaid pursuant to the provisions of Section 74 of Companies Act, 2013.

The Board approved the early Redemption of Series IV [35,535 Shares], VII [42,078 Shares], VIII [1,00,000 Shares], IX [4,08,861 Shares] of cumulative Redeemable Preference Shares of Rs.100/- each aggregating to 5,86,484 Shares of Rs. 5,86,47,400/- held by the promoters and Promoter group of the Company.

The Board took note of the Postal ballot Results for issue of 6,00,000 Equity Shares of Rs.10/- each at a price of Rs.130/- per Share on Preferential basis.

The Board approved the Proposal for offer/issue invitation for subscription of 6,00,000 Equity Shares of Rs.10/- each at a price of Rs.130/- per Share on Preferential basis to the promoters of the Company subject to obtaining the In-Principle approval from the Bombay Stock Exchange Limited.

The Board has also taken note of Incorporation of YP Solar Power Private Limited as a Wholly Owned Subsidiary of the Company for setting-up Solar Power Plant to generate Power for Captive Consumption of the Company.

Shares of SURYALATA SPINNING MILLS LTD. was last trading in BSE at Rs.135.7 as compared to the previous close of Rs. 135.7. The total number of shares traded during the day was 11140 in over 322 trades.

The stock hit an intraday high of Rs. 138.4 and intraday low of 130.1. The net turnover during the day was Rs. 1515690.

Source : Equity Bulls

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