Sirpur Paper Mills to issue 877869 shares

Sirpur Paper Mills Ltd has announced that the Board of Directors of the Company at its meeting held on April 26, 2010, accorded its consent to issue and offer 8,77,869 ordinary shares of the face value of Rs. 10/- each, at a price of Rs. 57/- per share (including premium of Rs. 47/- per share) aggregating to Rs. 5,00,38,533/- on preferential basis to M/s. Aravali Securities and Finance Ltd., a promoter of the Company in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, subject to the approval of shareholders under Section 81(1A) of the Companies Act, 1956 and the SEBI (ICDR) Regulations, 2009.

The Board of directors of the Company has called for an Extra-Ordinary General Meeting of the company to be held on May 26, 2010 for obtaining necessary approval of the shareholders.

The stock closed the day at Rs.57.75, up by Rs.1.20 or 2.12%. The stock hit an intraday high of Rs.59 and low of Rs.56.55.

The total traded quantity was 10788 compared to 2 week average of 14470.

Source : Equity Bulls

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