Suryavanshi Spinning to issue 19.50 lakh shares

Suryavanshi Spinning Mills Ltd has announced that the Board of Directors of the Company at its meeting held on October 15, 2009, inter alia, has noted that the 'In-Principle' Approval from Regulatory Authority to offer, issue and allot 19,50,000 equity shares of Rs. 10/- each to non-promoters Westend Developers Ltd at a price of Rs. 15/- per share (including premium of Rs. 5/- per share) is yet to be received. In view of the above, the Board has constituted a Committee of Board of Directors consisting of Sarvasri Dr. Akkineni Nageswara Rao, Director, Sri. R. K. Agarwal, Joint Managing Director and Sri. J. K. Agarwal, Executive Director as members of the Share Allotment Committee to allot the said shares after receipt of 'In-Principle' approval from the Regulatory Authority.

The stock closed the day at Rs.11.40, up by Rs.0.29 or 2.61%. The stock hit an intraday high of Rs.11.40 and low of Rs.11.11.

The total traded quantity was 215 compared to 2 week average of 1130.

Source : Equity Bulls

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