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The chief promoter of Sree Sakthi Paper Mills S Rajkumar has enhanced his holding in the company by acquiring shares from associate promoters in the company.
In a bulk deal, Rajkumar has bought 20,07,881 equity shares at ₹10 apiece and 3,25,200 preference shares from associate promoters.
Now holds 46.49%
Following the move, the equity share holding of Rajkumar has increased to 46.49 per cent from 35.47 per cent, and his preference share holding has gone up to 39.51 per cent from 36.26 per cent.
Sree Sakthi Paper Mills was manufacturing kraft paper till June 2016.
The business was closed down in June 2016 under orders from Kerala High Court. Promoters have decided to close down the paper business and start logistics activity.
The company has changed the object clause of its Memorandum of Association to start a new business activity of logistics.
The company has also received permission from the Kerala Government to carry out the business of logistics .
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