Welspun Syntex EGM to approve reduction of capital

Welspun Syntex Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 12, 2007, to reduce the paid-up share capital of the Company by cancellation of Rs 7.50 of every equity share of Rs 10 each fully paid up; and simultaneously thereafter, consolidating 4 numbers of fully paid up equity shares of Rs 2.50 each into 1 equity share of Rs 10 each fully paid (after cancellation of 1 fractional equity share), resulting in the issued, subscribed and paid up equity share capital of the Company of Rs 94,58,01,090 consisting of 9,45,80,109 equity shares of Rs 10 each to be reduced/consolidated to Rs 23,64,50,270 consisting of 2,36,45,027 equity shares of Rs 10 each fully paid up by adjusting (a) diminished value of fixed assets of the Company Rs 45,97,82,623 and (b) Creating Capital Reserve of Rs 24,95,68,197 on the Record Date/Book Closure, subject to necessary provisions and approvals.

Source : Equity Bulls

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