Sumeet Industries to consider issue of shares to Bennett Coleman and Vishvas Infrastructure

Sumeet Industries Ltd has called for a meeting of the Board of Directors of the Company on February 27, 2007 to consider Issue of Equity Shares to M/s. Bennett Coleman & Co. Ltd (Times of India Group) and M/s. Vishvas Infrastructure Ltd on preferential Basis at a price Rs 30.00 Per Share or that may be decided as per SEBI (DIP) guidelines which ever is higher.

The company has tied up with Vishvas Infrastructure Ltd for an Infrastructure project at Kutch, Gujarat. The company also plans to expand its capacity and venture into backward integration.

The company requires funds for the expansion projects which it is seeking to raise through issue of equity shares on preferential basis.

Source : Equity Bulls

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