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| Exchange Disseminated Time 13/02/2017 13:56:43 | Sumeet Industries Ltd has informed BSE that in the meeting of the Board of Directors of the Company held on February 13, 2017 following business has taken place;
1. 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 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.
2. 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.
3. Board has approved appointment of Mr Dipesh Dasadia as an Additional Director w.e.f. February 13, 2017 Further as per the terms of appointment, the tenure of the said director shall hold office up to the date of the next Annual General Meeting.
The Details required under Regulation 30 of the Listing Regulations read with SEBI Circular dated September 09, 2015 is given in the enclosed Annexure-I & II. |
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