Simbhaoli Sugars to issue 30 lakh shares, 25 lakh warrants

Simbhaoli Sugars Ltd has announced that the Company in a meeting of the Allotment committee of the Board of Directors held on December 15, 2010, has fixed the price for issue and allotment of 30,00,000 equity shares of Rs. 10/- each to selective investors on preferential basis at a price of Rs. 50/- (including premium of Rs. 40/-) per share and 25,00,000 share warrants convertible into 25,00,000 equity shares of Rs. 10/- each to specified promoters and directors at an exercise price of Rs. 46/- (including premium of Rs. 36/-) per share based on the relevant date i.e. December 11, 2010 under the provisions of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009.

The notice for the annual general meeting to be held on January 10, 2011 containing the resolutions to be passed under the provisions of section 81(1A) of the Companies Act, 1956 are being sent to the shareholders of the Company for their approval.

The stock closed the day at Rs.42.50, down by Rs.0.45 or 1.05%. The stock hit an intraday high of Rs.43.75 and low of Rs.42.30.

The total traded quantity was 0.35 lakhs compared to 2 week average of 0.72 lakhs.

Source : Equity Bulls

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