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Saboo Sodium Chloro Limited Announces Board Meeting to Discuss Preferential Issue
Team Finance Saathi
17/Dec/2024
What's Covered Under the Article:
- Saboo Sodium Chloro Limited to hold a Board meeting on December 20, 2024, to discuss the preferential issue of equity shares.
- The meeting will focus on acquiring Villashare Tech Private Limited through a preferential issue of shares.
- The company announces the closure of the trading window from December 17 to December 22, 2024.
Saboo Sodium Chloro Limited (SSCL), a leading name in the manufacturing and distribution of industrial salt, has announced that its Board of Directors will meet on December 20, 2024, at 11:00 AM at the company’s registered office in Jaipur. The purpose of the meeting is to discuss and approve the issuance of equity shares by way of preferential issue for consideration other than cash. This issuance will be made in lieu of acquiring shares in Villashare Tech Private Limited (VTPL) from identified shareholders of VTPL. The Board will review the terms and conditions under which the acquisition will take place.
Preferential Issue and Acquisition of Villashare Tech
The proposed preferential issue of equity shares will play a significant role in the company’s ongoing expansion plans, particularly in acquiring shares of Villashare Tech Private Limited. This acquisition will be conducted through the issuance of shares rather than cash, a strategic move aimed at strengthening the company’s portfolio. The Board is also expected to consider obtaining shareholder approval for the preferential issue, either through an Extra-ordinary General Meeting (EGM) or through a postal ballot process.
Impact on Trading and Shareholders
In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company’s Code of Conduct, Saboo Sodium Chloro Limited has announced the closure of the trading window for its equity shares. The window will remain closed from December 17, 2024, until 48 hours after the conclusion of the Board meeting, which is expected to be on December 22, 2024. This measure is in place to ensure that all designated persons and insiders comply with the necessary regulations and avoid any potential conflict of interest.
Upcoming Developments
This announcement marks an important development for Saboo Sodium Chloro Limited, as it looks to expand its business operations and strengthen its corporate governance. The decision regarding the preferential issue and the acquisition of VTPL will be pivotal in shaping the future direction of the company. The Board will also address any other matters with the permission of the directors during the meeting.