Sujana Metal to allot 24462857 shares

Sujana Metal Products Ltd has announced that the Board of Directors of the Company at their meeting held on November 19, 2009, inter alia, have decided to issue and allot 2,44,62,857 equity shares to promoters and others by way of Preferential allotment.

The Board approved proposal to make further issue of convertible warrants to Promoters under Section 81 (1A) of the Companies Act, 1956 by way of Preferential issue. The Board approved increase in the borrowing limits of the Company from Rs. 900 crores to Rs. 1500 crores.

The Board approved to take decision for passing the resolutions by the Members of the Company through Postal Ballot.

The Board approved appointment of Shri Y. Ravi Prasada Reddy, Practicing Company Secretary as Scrutinizer for the Postal Ballot Process and authorized Shri R. K. Birla, Managing Director and Shri Shaik Ibraheem, Company Secretary to complete the process of postal ballot and to approve the calendar of events.

The Board also approved the draft notice of postal ballot.

The stock was trading at Rs.21.50, down by Rs.0.15 or 0.69%. The stock hit an intraday high of Rs.21.70 and low of Rs.21.

The total traded quantity was 110093 compared to 2 week average of 442228.

Source : Equity Bulls

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