Kallam Spinning to spend Rs.36.75 Crores on expansion, to issue warrants / shares on preferential basis

Kallam Spinning Mills Ltd has announced that the Board of Directors of the Company at its meeting held on October 26, 2006, inter alia, has transacted the following:

1. Decided to expand and modernize the plant with a total estimated cost of Rs 36.75 Crores. Out of which the open-end plant will cost of Rs 24.75 Crores and modernize spinning will involve the cost Rs 12.00 Crores.

2. Discussed about the Preferential allotment of Shares and warrants to Promoters and their relatives, which was adjourned at the last Board Meeting held on August 25, 2006 to next meeting, decided to defer the matter and will consider at an appropriate time in future.

Source : Equity Bulls

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