Sanrhea Technical Textiles Approves Preferential Allotment of Equity Shares

Team Finance Saathi

13/Feb/2025

What's covered under the Article:

Sanrhea Technical Textiles board approved a preferential allotment of 6,90,000 equity shares at Rs 52 per share, raising Rs 3.58 crore.
The issue is in compliance with SEBI ICDR Regulations and Companies Act 2013, subject to shareholder approval via postal ballot.
Major allottees include Mr. Tushar Patel (Rs 1.50 crore) and Mrs. Tejal Patel (Rs 2.08 crore), increasing their shareholding post allotment.

Sanrhea Technical Textiles Limited, a leading manufacturer in the technical textiles industry, has announced a significant development following its recent board meeting held on February 13, 2025. The Board of Directors approved a preferential allotment of 6,90,000 equity shares at Rs 52 per share, aggregating to Rs 3.58 crore. This decision aligns with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013.

Preferential Issue Details

The preferential issue aims to raise capital for business expansion and strategic investments. The shares will be issued at Rs 52 per share, comprising a face value of Rs 10 and a premium of Rs 42 per share. The key allottees include:

Mr. Tushar Patel – Rs 1.50 crore, increasing shareholding from 14,85,272 (29.71%) to 17,75,272 (31.20%).
Mrs. Tejal Patel – Rs 2.08 crore, increasing shareholding from 7,86,028 (15.72%) to 11,86,028 (20.84%).

Shareholder Approval via Postal Ballot

To proceed with the allotment, the company will conduct a postal ballot, seeking shareholder approval for the preferential issue. The board has also approved the draft Postal Ballot Notice, ensuring compliance with regulatory requirements.

Market Impact and Investor Sentiment

This preferential allotment is expected to enhance Sanrhea’s financial stability, allowing for further growth and expansion. The market will closely watch the impact of this capital infusion on Sanrhea’s stock performance. Investors and analysts are advised to track further updates on this development.

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Sanrhea Technical Textiles Approves Preferential Allotment of Equity Shares

Preferential Issue Details

Shareholder Approval via Postal Ballot

Market Impact and Investor Sentiment

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