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Our Bureau

Hyderabad , Jan. 31

THE board of directors of Suryalakshmi Cotton Mills Ltd has allotted 14,28,300 equity shares of Rs 10 each at a price of Rs 245 a share to Unit Trust of India Investment Advisory Ltd by way of private placement subject to one year lock-in as per SEBI guidelines.

With this, the company said, it completed financial tie-ups of about Rs 225 crore. The board has also appointed Mr Baratam Srinivas of UTI Venture Funds Management Company as an Additional Director on its board.

Further, the company has informed the stock exchanges that it has received sanction letters from State Bank of India and State Bank of Mysore for a total of Rs 55-crore term loan assistance under the Technology Upgradation Fund Scheme. The company has already received the IDBI sanction of Rs 70 crore under the scheme.

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