/ Sumeet Industries Approves Rights Issue Of Equity Shares ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 13 February 2017

The Board of Directors has considered and approved Issue of Equity Shares upto Rs. 60.00 crores by way of offer and issue of equity shares to the existing shareholders of the Company.

It will be on a rights basis (Right Issue), at such issue price and rights entitlement ratio as may be decided by the Board in consultation with the Lead Manager, subject to necessary approvals, confirmations and consents as may be necessary/ required for compliance of applicable law including the provisions of the SEBI (ICDR) Regulations, 2009, SEBI (LODR) Regulations, 2015 and the Companies Act 2013.

The Board of Directors of the Company evaluated the proposal of setting up Coal based Captive Power Plant which will further reduce our power cost and setting up another new Texturizing Machines which will also improve profit margins with estimated capital expenditure of Rs. 100.00 Crores.

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