Simbhaoli to issue preferential shares worth Rs 40 crore

Simbhaoli Sugars today said it will issue preferential shares worth Rs 40 crore to the company's promoters as well as some investors.

In a filing to the BSE, the national capital-based Simbhaoli said that a special resolution in this regard was passed at the extra-ordinary General Meeting held here today.

Another special resolution on increasing authorised share capital of the company from Rs 40 crore to 75 crore was also passed with shareholders approval in the meeting, it said.

The national capital-based Simbhaoli has three sugar facilities in Uttar Pradesh, the country�s second largest producer of the sweetener, with a production capacity of three lakh tonnes per annum.

It also has three alcohol distilleries, alongside sugar facilities with a combined capacity of 210 kilo litres of alcohol/ethanol per day.

The shares of the company rose by 7.11% to settle at Rs 26.35 apiece on the BSE platform.