Empee Sugars to issue preference shares

Empee Sugars & Chemicals Ltd has announced that the Company is in the process of establishing an Integrated Sugar Complex at Idakkal Village, Ambasamudram Taluk, Tirunelveli District, Tamilnadu at a project cost of Rs. 515 Crores. To part Finance the Project cost, the Company proposes to make an issue of 1,46,85,000 no's of 8% Unlisted Redeemable Preference Shares of Rs. 100/- each aggregating to Rs. 146.85 Crores on private placement which are redeemable at par after expiry of 19 years from the date of allotment.

M/s. Empee Distilleries Ltd., the Holding Company of Empee Sugars & Chemicals Ltd. is willing to subscribe the proposed 8% Unlisted Redeemable Preference Shares of Rs. 100/- each and desires to hold those shares without listing. The Company also desires to issue those preference shares without listing the same with stock exchanges where the equity shares of the Company are listed as Empee Distilleries Ltd has no intention to do trading of those new preference shares.

Further the Company has informed that, this proposal is subject to seeking the necessary approvals from the Board of Directors, shareholders and from other regulatory authorities.

The Empee Sugars stock was trading at Rs.29.60, up by Rs.0.20 or 0.68%. The stock hit an intraday high of Rs.30.90 and low of Rs.28.50.

The total traded quantity was 175659 compared to 2 week average of 394538.

Source : Equity Bulls

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