Sat Industries approves preferential issue of 3.3 million warrants

Sat Industries Ltd has announced that the Board of Directors of the Company at its meeting held on August 20, 2010, inter alia, decided to make Preferential Issue of 33,00,000 convertible warrants @ Rs. 41/- per warrant to the promoters / non - promoters in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, subject to all approvals. permissions, sanctions etc. as may be required.

The Board took the decision to merge / amalgamate Sah Polymers Limited, a company engaged in the industrial packaging into it in accordance with the provisions of sections 391 to 394 of the Companies Act, 1956, subject to all approvals, permissions, consents etc. In this respect the Board has appointed M/S N M Raiji & Co., Chartered Accountants to advise the Company on swap ratio & others and also appointed M/S Kanga & Co., Advocate and Solicitors for framing the scheme.

The stock closed the day at Rs.44.10, up by Rs.6 or 15.75%. The stock hit an intraday high of Rs.44.50 and low of Rs.38.

The total traded quantity was 4.02 lakhs compared to 2 week average of 1.10 lakhs.

Source : Equity Bulls

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