Sujana Metal to issue 24462857 shares on Nov 19, 2009

Sujana Metal Products Ltd has announced that a meeting of the Board of Directors of the Company will be held on November 19, 2009, inter alia, to consider, issue and allot 2,44,62,857 equity shares to promoters and others by way or preferential allotment.

The Board will consider further issue of convertible warrants of the Company to Promoters under Section 81 (1A) of the Companies Act, 1956 by way of Preferential Issue.

The Board will also consider increasing the borrowing limits of the Company from Rs. 900 crores to Rs. 1500 crores.

The stock was trading at Rs.20.30, up by Rs.0.35 or 1.75%. The stock hit an intraday high of Rs.21.15 and low of Rs.19.80.

The total traded quantity was 219963 compared to 2 week average of 298867.

Source : Equity Bulls

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