November 29, 2022 (MLN): The board of directors of Sapphire Textile Mills Limited (SAPT) has approved the draft Scheme of Arrangement (SoA) under which the company shall issue 10,737,472 ordinary shares in favor of the sponsors, the company’s stock filing on the stock exchange showed on Tuesday.
Accordingly, the company will cancel an aggregate of 10,737,472 ordinary shares, having a face value of Rs10 each, held directly and indirectly by the sponsors.
Under the SoA, Sapphire is to be entered into between the company, Channel Holdings Private Limited, Resource Corporation Private Limited, ATMZ Company Private Limited, Synergy Holdings Private Limited, Salman Ismail Private Limited, Glory Private Limited, Glitter Private Limited, Lavender Private Limited and Acrylic Private Limited.
As a consequence of which there shall be no change in the issued and paid-up share capital of the Company.
According to the agreement, pertaining to the corporate reorganization of a certain portion of the direct and indirect shareholdings of the sponsors of the company, subject to the finalization of the Scheme, obtaining all necessary shareholders', creditors, and regulatory approvals.
At the time of writing, the scrip of the SAPT is being traded at Rs1,125 which is up by Rs25 or 2.27% DoD.
