Sanghvi Movers to allot 8,80,000 equity shares to Goldpeak Ltd

Sanghvi Movers Ltd has announced that the Board of Directors of the Company at its meeting held on November 17, 2006, subject to customary conditions precedent relating to legal due diligence, execution of binding and or definitive agreements, the approval of Members and appropriate authorities, decided to issue and allot upto 8,80,000 Equity Shares of Rs 10/- each fully paid, to Goldpeak Ltd (Goldpeak is a subsidiary wholly owned by Aria investment Partners III, L.P.), subject to SEBI Pricing Formula or Rs 825/- per Equity Share, whichever is higher, and raising of investment (Equity participation) Limit of Foreign Institutional Investors from 35% to 49%.

Source : Equity Bulls

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