Sadhana Nitro Chem to issue non-convertible preference shares

The board of directors of Sadhana Nitro Chem will meet on Thursday to consider issuing 78.50 lakh 9 per cent cumulative non-convertible preference shares on private placement basis to Manekchand Panachand Trading Investment Company Private Ltd (holding company). Shareholders have already approved the proposal. Manekchand Panachand Trading & Investment Co Pvt Ltd owns 64.78 per cent stake of the paid-up equity capital of the company. Shares of Sadhana Nitro Chem slumped 6.5 per cent at ₹12.32 on the BSE.