Sagar Cements EGM approves issue of shares on preferential basis at Rs.190

Sagar Cements Ltd has announced that the shareholders at the Extra ordinary General Meeting (EGM) of the Company held on March 09, 2007, have accorded their consent to the Board of Directors to:

1. Subject to necessary approvals being obtained, issue / allot 10,00,000 equity shares to The India Fund, Inc., an FII, on a Preferential Basis at a price of Rs 190/- per share (including a premium of Rs 180/- per share).

2. To create charge / mortgage on assets of the Company in favour of lending Institutions like IDBI etc. to secure the term loans availed / to be availed from these Institutions / Banks.

Source : Equity Bulls

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