KMC Speciality Hospitals to undergo capital reduction

KMC Speciality Hospitals (India) Ltd has announced that the Board of Directors of the Company at its meeting held on July 31, 2009, inter alia, has decided to go in for a capital reduction to the tune of Rs 9/- per share by adjusting the same against accumulated losses.

The present proposal of the Company to write off the accumulated losses to the tune of Rs 11,29,05,000 by reducing 90% of the paid up share capital under Section 100 of the Companies Act 1956 and if approved, the paid up share capital of the Company would become Rs 1,25,45,000 comprising of 1,25, 45,000 Equity Shares of Re 1 per share. Thus the paid up value of the equity shares wilt be reduced from Rs 10 to Re 1 per share with the number of shares remaining unaltered.

Source : Equity Bulls

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