 "Suryalata Spinning extends rally on preferential issue plan to promoters")
Shares of Suryalata Spinning Mills were trading higher by 9% at Rs 166, extending its 22% rally in past two trading sessions on BSE, after the company engaged in textiles business plans to issue equity shares to the promoters on a preferential basis.
“The board of directors of the company will meet on March 14, 2015, to consider and approve the preferential offer letter (PAS-4) for issue of 600,000 equity shares of Rs 10 each at an issue price of Rs 130 to promoters of the company,” Suryalata Spinning Mills said in a statement.
The board will also consider the proposal for early redemption of existing preference shares of the company, it added.
The stock opened at Rs 150 and hit a low of Rs 141 on BSE. The trading volumes on the counter more than doubled with around 40,000 shares changed hands till 1241 hours against an average around 17,000 shares that were traded daily in past two weeks on BSE.
“The board of directors of the company will meet on March 14, 2015, to consider and approve the preferential offer letter (PAS-4) for issue of 600,000 equity shares of Rs 10 each at an issue price of Rs 130 to promoters of the company,” Suryalata Spinning Mills said in a statement.
The board will also consider the proposal for early redemption of existing preference shares of the company, it added.
The stock opened at Rs 150 and hit a low of Rs 141 on BSE. The trading volumes on the counter more than doubled with around 40,000 shares changed hands till 1241 hours against an average around 17,000 shares that were traded daily in past two weeks on BSE.