Southern Fuels - Updates on issue of equity shares

With reference to the issue of 31,00,000 equity shares to promoter group as per BIFR Order / direction, Southern Fuels Ltd has announced about the following:

1. The Company is a sick Company registered with BIFR as case no. 128/99. BIER in the hearing held on August 18, 2005 has approved the rehabilitation scheme for implementation so that the Company can be revived at the earliest.

2. As per the sanctioned scheme the amount of Rs 310 Lacs brought in by the copromoter namely Sivamani and Company Pvt Ltd should be converted into equity shares at par. Accordingly the Company will be issuing 31 Lacs equity shares of Rs 10 each at par to M/s. Sivamani and Company Pvt Ltd.

Source : Equity Bulls

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