Sundaram Multi Pap Ltd approves QIP

In respect of the Qualified Institutions Placement, the Board of Directors of Sundaram Multi Pap Ltd has, at its meeting held on November 24, 2016, passed has determined and approved the issue price of Rs. 4.10/- per Equity Share (including premium of Rs. 3.10/- per Equity Share) after giving a discount of around 5% to the Floor Price of Rs. 4.30/-, for the issuance and allocation of 30000000 Equity Shares to eligible qualified institutional buyers in the Qualified Institutions Placement, aggregating up to Rs. 12.30 crore.

The Board approved and adopted the Placement Document dated November 24, 2016 in connection with the Qualified Institutions Placement ("Placement Document"); and also approved the issue of Confirmation of Allocation Notes to the Qualified institutional Buyers.

Shares of SUNDARAM MULTI PAP LTD. was last trading in BSE at Rs.4.1 as compared to the previous close of Rs. 4.09. The total number of shares traded during the day was 159272 in over 172 trades.

The stock hit an intraday high of Rs. 4.1 and intraday low of 3.9. The net turnover during the day was Rs. 635289.

Source : Equity Bulls

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