Dharani Sugars & Chemicals Ltd to allot 1540154 shares

The Board of Directors of Dharani Sugars & Chemicals Ltd have resolved in their meeting held on 11.02.2016 to allot 1540154 equity shares of Rs 10/- each at a premium of Rs 14/- to Dharani Developer Private Limited, part of the promoter group, subject to getting the approval of the share holders by means of special resolution through Postal Ballot.

The Company has earlier got its debts restructured through the CDR mechanism in a meeting dated 30/12/2014. One of the condition was the promoter group is to bring additional funds to the tune of Rs. 8.59 crores as equity share or unsecured loans. To speed up the process of the restructuring proposal Dharani Developers Private Limited one of the Promoter group brought in a sum of Rs. 8.60 crores as unsecured loans. As now suggested by State Bank of India, one of the CDR group, the Company has decided to convert a portion of the unsecured loans into share capital with a view to improving the Company's Net worth.

As there is restriction on acquisition of additional shares beyond 5 percent as per SEBI (Substantial Acquisition of Shares & Takeovers) Regulations 2011 it is decided to allot 1540154 equity share for the present converting a sum of Rs. 3.69 as share capital + share premium account, which will not go beyond the 5% limit.

Shares of DHARANI SUGARS & CHEMICALS LTD. was last trading in BSE at Rs.14.65 as compared to the previous close of Rs. 13.5. The total number of shares traded during the day was 1855 in over 11 trades.

The stock hit an intraday high of Rs. 14.65 and intraday low of 13.6. The net turnover during the day was Rs. 26553.

Source : Equity Bulls

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