 "Sakthi Sugars allotts Rs 180 crore equity shares to ABT Ltd")
Sakthi Sugars Ltd today informed BSE that the company has allotted equity shares worth Rs 180 crore.
The company alloted in demat form 5,94,05,940 fully paid-up Equity Shares of Rs. 10 each at a price of Rs. 30.30 per share (including premium of Rs. 20.30 per share) to ABT Limited, a company belonging to the Promoters Group, on preferential basis against the sum of Rs 180 crore, in terms of the CDR Scheme approved by the CDR Empowered Group and as approved by the members by special resolution passed through postal ballot on March 20, 2014.
After the above allotment, ABT Limited's shareholding in the Company is 70.12% of the paid up capital of the Company. In view of this, the Company has become a subsidiary of ABT Limited.