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Stock Report
Suryamukhi Trading approves merger, preferetial issue, name change
Posted On : 2006-11-08 03:51:45( TIMEZONE : IST )
Suryamukhi Trading & Finance Ltd has announced that the Board of Directors of the Company at its meeting held on November 08, 2006, inter alia, has transacted the following business:
Reviewed the process of preferential allotment for which the Company has already issued a notice for holding the EGM on November 28, 2006, but the Board decided to reschedule the EGM to December 02, 2006.
The proposed preferential placement of Rs 540 lakhs comprising of 54,00,000 shares is to be issued to the extent of Rs 200 lakhs comprising of 20 lakh shares at Rs 10/- share on cash basis and Rs 340 lakhs comprising of 34 lakh shares at Rs 10/- share on share swap basis to the shareholders of M/s Shivsagar Paper & Chemicals Ltd.
The preferential placement, which enables the Company to hold, more than 51% stake in Shivsagar Paper & Chemicals Ltd and thus Shivsagar becomes the subsidiary of the Company. The Company is going to have the consolidated financial strength coming from the manufacturing operations of Shivsagar Paper & Chemicals Ltd from the 3rd Quarter of 2006-07.
Shivsagar Paper & Chemicals Ltd is a closely held Company, with 40 TPD capacity of Kraft Paper and 40 TPD capacity of Duplex Board.
M/s Firstcall India Equity Advisors Pvt Ltd in association with M/s Hemanshu Kapadia & Associates, Company Secretaries, are acting as the advisors for the transaction.
The Board also reviewed the name change approval, which has come from ROC in terms of name availability and approved the same to be kept for the approval of ensuing EGM to be held on December 02, 2006. The Company has obtained ROC approval for the name change to Bio Green Industries Ltd, keeping in view the broad basing of diversified activities into which the Company intends to enter and also from the perspective that M/s Shivsagar Paper & Chemicals Ltd is going to become subsidiary, post completion of preferential placement of shares.
In commensuration with the fast track changes happening on the business-strengthening front, the name change to Bio Green Industries Ltd is welcomed by the Board.
