SIL hikes authorised capital to 70 crore

Chennai, Jan 12 (UNI) Leading steel manufacturer Surana Industries Ltd (SIL) today announced hike in the authorised capital of the company to Rs 70 crore from Rs 50 crore.

At an extra ordinary EGM it had been decided to raise the resources strictly in terms of SEBI guidelines, for implementation of their new Integrated Steel Plant project at Raichur in Karnataka.

The company also decided to increase the limit of foreign investors shareholding from 40 per cent to 75 per cent.

The meeting approved preferential issue of equity to promoter or belonging to promoter group, including their relatives, friends and associates or their nominees to the extent of Rs 30 crore.

Surana had been listed on the National Stock Exchange (NSE) with effect from December 28, 2006 and admitted for dealing at a face value of Rs 10 each.

The proposed Raichur Steel Plant would have the capacity to produce 1,28,000 tonnes of Sponge Iron, 1,36,700 tonnes of steel melting shop and 1,32,500 tonnes of rolling mill annually.

UNI