South India Paper gallops as board OKs 45-cr preferential issue

South India Paper Mills rallied 5.13% to Rs 119.85 after the board approved issue of equity shares aggregating to Rs 45 crore to non promoters on a preferential basis through private placement.

The paper manufacturer will issue 37.5 lakh equity shares having face value of Rs 10 each for cash at a price of Rs 121 each.

The shareholder's approval for aforementioned issuance will be taken on 23 March 2023, said the company.

South India Paper Mills is a paper manufacturing company. The company reported a net loss of Rs 13.14 crore in Q3 FY23 as against a net profit of Rs 4.18 crore in Q3 FY22. Net sales declined 25.6% YoY to Rs 63.08 crore in Q3 FY23.

 

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