Spanco Telesystems Board reorganized equity capital

Spanco Telesystems & Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2006, are as follows:

The Board, pursuant to the Scheme of Arrangement as approved by the Hon'ble High Court of Mumbai vide its Order dated August 04, 2006, has reorganized the equity share capital of the Company by cancellation of Rs 3.33 of every equity share of Rs 10 fully paid up, i.e. subscribed and paid up capital of Rs 237,368,260 divided into 23,736,826 equity shares of Rs 10 each fully paid, reorganized to Rs 158,245,510 divided into 23,736,826 equity shares of Rs 6.67 each fully paid up and the same was consolidated into 15,824,551 equity shares of Rs 10 each fully paid up amounting to Rs 158,245,510/-.

Consequent to the aforesaid reorganization, the resultant / revised subscribed and paid up equity capital of the Company is Rs 158,245,510 divided into 15,824,551 equity shares of Rs 10 each fully paid.

Source : Equity Bulls

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