Sumeet Industries to issue Equity Shares worth ₹28 Cr via Preferential Issue
Sumeet Industries Ltd announced that its Board of Directors has approved the issuance of up to 84,31,195 Equity Shares at a conversion price of ₹33.21 per share, aggregating up to ₹28.00 Crores. This issuance is on a preferential basis upon conversion of Optionally Convertible / Redeemable Preference Shares (OCRPs) to Non-Promoters. The company also approved the draft notice for an Extra Ordinary General Meeting (EGM) and authorized representatives to finalize related documents. Additionally, the Board approved an amount of ₹49.90 Crores for General Corporate Purposes, specifically for the operationalization and integration of a CP Plant acquired from Nakoda Limited, which will be managed by a newly formed wholly-owned subsidiary, Sumeet Speciality Chips Limited.
Key Highlights
- Board approves preferential issue of Equity Shares worth ₹28 Cr.
- Issuance is for conversion of OCRPs to Non-Promoters.
- Approved ₹49.90 Cr for CP Plant integration via a subsidiary.
- EGM notice approved; authorized representatives appointed.
- Scrutinizer appointed for e-voting at EGM.
Price Impact
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