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Wednesday, Aug 31, 2005

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Corporate - Preferential Allotments


Sujana Metal to hike share capital

Our Bureau

HYDERABAD: Sujana Metal Products Ltd has proposed to increase the authorised share capital of the company from Rs 30 crore to Rs 45 crore, by creation of 1,50,00,000 equity shares of Rs 10 each.

The company informed the BSE that the board of directors of the company, at the meeting held on August 29, also passed a resolution towards the issue of equity shares / warrants compulsorily convertible into equity shares, by way of preferential allotment U/S 81 (1A) of the Companies Act, 1956 to the extent of Rs 13.5 crore consisting of 1,35,00,000 (inclusive of 50,00,000 equity shares arising out of conversion of compulsorily convertible warrants) equity shares of Rs 10 each at a premium of Rs 52 per share to the promoters and non promoters including Aeneas Capital Management, NY, Oppenheimer & Co. Inc, MA and others.

The board meeting also passed the resolution extending the investment limit of FIIs. It has convening the extraordinary general meeting of the company on September 22 for shareholders' approval.

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