Summet Industries to issue Rs 2cr shares to Times Group

New Delhi, Feb 27 (UNI) Sumeet Industries Ltd, a polyester manufacturer, today said it will issue Rs two crore worth shares to Bennett, Coleman&Co Ltd (the Times of India Group) on preferential basis.

The company will also issue 2.5 lakh shares to Vishvas Infrastructure Ltd at a price of Rs 30 per share.

In addition, it will increase its authorised share capital to Rs 29 crore from Rs 25 crore.

Sumeet Industries' board has approved the issues and capital raising schemes and its members will meet on March 31 to decide upon the matters.

The Board of Directors will also meet on March 5 to consider a Bonus issue.

The BoD earlier this month, approved a Rs 90 crore expansion plan.

The expansion would add 44,000 tonnes a year of polyester spun yarn to its current capacity of 12,000 tonnes.

UNI