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| Exchange Disseminated Time | Sakthi Sugars Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 11, 2014 have approved the following:
1. Issue of 5,94,05,940 equity shares of Rs. 10/- each at a price of Rs. 30.30 per share on preferential basis to A B T Limited, Promoter Group company, in terms of the CDR package approved by CDR EG against the sum of Rs. 180 crores brought Into the Company by A B T Limited as unsecured loan as per the CDR package. The Issue price has been determined taking August 24, 2012 as Relevant Date, being the date of last modification to the CDR package by which CDR EG decided to convert the unsecured loan Into equity shares, subject to the in-principle approval of the Stock Exchanges and of the Members of the Company.
2. Increasing the Authorised Capital of the Company from Rs. 100 crores to Rs. 160 crores.
3. Obtaining approval of members through Postal Ballot for the following:
i. Authorisation of the Company's CDR Scheme
ii. Increasing the Authorised Share Capital and consequential amendment to the Memorandum and Articles of Association of the Company,
iii. Issue of equity shares on preferential basis to ABT Limited.
iv. Re-appointment of Sri M. Srinivaasan as Joint Managing Director.
Mr. M. D. Selvaraj, Company Secretary in Practice, has been appointed as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner. |
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