Kamadgiri Synthetics allots shares on merger of Stripes Apparels Ltd

Kamadgiri Synthetics Ltd has announced that pursuant to the Order or Hon'ble High Court of Judicature at Bombay dated June 12, 2009 for updation of Authorised Share Capital and Issue & Allotment of fully paid up Equity Shares of Rs 10/- each in the swap exchange ratio of 1:3.44 as provided in Scheme of Amalgamation under section 391 to 394 of the Companies Act, 1956 of Stripes Apparels Ltd (SAL) with the Company and their respective shareholders, (Scheme), the Registrar of Companies, have updated Authorised Share Capital of the Company as 95,86,000 Equity shares of Rs 10/- each aggregating to Rs 9,58,60,000/-.

Further, the Company has inform that, Committee of Directors at its meeting held on September 03, 2009, inter alia, have approved the allotment of 17,39,866 Equity Shares of Rs 10/- each to the shareholders of SAL in the ratio of 1 (One) equity share of Rs 10/- each as fully paid up of the Company for every 3.44 (Three Point Forty Four) equity share of Rs 10/- each fully paid up held by SAL shareholders in SAL (i.e. in the ratio of 1:3.44).

With the above allotment of shares, the Paid-up Capital of the Company has now increased from Rs 3,00,00,000/- to Rs 4,73,98,660/-.

The stock was trading at Rs.34.05, down by Rs.0.95 or 2.71%. The stock hit an intraday high of Rs.36.30 and low of Rs.33.30.

The total traded quantity was 1346 compared to 2 week average of 4347.

Source : Equity Bulls

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