Sah Petroleums to issue 1.2 Crore shares to NAF India Holdings Ltd at Rs 26.65

Sah Petroleums Ltd has announced that the Board of Directors of the Company at its meeting held on October 17, 2008, has resolved to issue 1,20,00,000 equity shares of the Company to NAF India Holdings Ltd. (Investor) at a price of Rs 26.65 per equity share on preferential basis.

The Board has approved and authorised the execution of the Share Subscription-cum-Share Purchase-cum-Shareholders Agreement, between the Company, the certain Promoters and the Investor inter alia for the above purpose. The transaction will necessitate a public announcement of an open offer for shares of the Company in compliance with the Takeover Regulations since the Investor would acquire more than 15% of the Company pursuant to the investment.

The Stock closed the day at Rs.12, up by Rs.1.92 or 19.05%. The stock hit an intraday high of Rs.12.09 and low of Rs.10.74.

The total traded quantity was 93494 compared to 2 week average of 45259.

Source : Equity Bulls

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