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S R Industries Ltd board approves capital reduction

Posted On: 2021-06-23 13:28:58 (Time Zone: UTC)

The Board of Directors of S R Industries Ltd in their meeting held on June 23, 2021 discussed and approved the Scheme of reduction of Capital and Securities Premium Account under Section 66, Section 55 and Section 52 of the Companies Act, 2013. The Scheme is subject to approval of the shareholders, Hon'ble National Company Law Tribunal, Chandigarh and all other regulatory approvals.

The Company has accumulated losses of Rs 55,02,87,057. as on December 31, 2020. Such accumulated losses have substantially wiped off the value represented by the share capital.

The restructuring would enable the Company to have a rational structure which is commensurate with its remaining business. Accordingly, with the future prospect of growth and value addition to the Company and its shareholders, therefore proposed to realign the relation between its capital and asset by reducing the amount standing to the credit of the Securities Premium Account.

Hence the proposed Scheme as approved by the Board of Directors of the Company provided for reduction of equity share capital and securities premium account of the Company in accordance with Section 66 read with Section 52 of the Companies Act, 2013.

The reduction of capital shall be on proportionate basis, there shall not be any change in percentage shareholding of any shareholder of the Company, and hence, the shareholding pattern shall remain the same pre and post reduction of the equity share capital.

The Pre-reduction Paid Up Equity Share Capital is Rs. 19,64,57,000 divided into 1,96,45,700 Equity Shares of Rs. 10 each which will be reduced to Rs. 98,22,850 (divided into 19,64,570 Equity shares of Rs 0.5 each) shall be consolidated into 9,82,285 Equity Shares of Rs. 10/- each in such a manner that every 20 (Twenty) equity shares of Rs. 0.5 each shall constitute 1 (One) equity shares of Rs. 10/- each fully paid-up.

The pre-reduction Paid Up of 8% Non-Cumulative Preference Share Capital is Rs. 14,60,00,000 divided into 14,60,000 Equity Shares of Rs. 100 each which will be reduced to Rs. 73,00,000 (divided into 14,60,000 Equity shares of Rs 5 each) shall be consolidated into 73,000 8% Non-Cumulative Preference Shares of Rs. 100/- each in such a manner that every 20 (Twenty) preference shares of Rs. 5 each shall constitute 1 (One) preference shares of Rs. 100/- each fully paid-up.

Shares of S.R.INDUSTRIES LTD. was last trading in BSE at Rs.3.05 as compared to the previous close of Rs. 3.25. The total number of shares traded during the day was 15468 in over 27 trades.

The stock hit an intraday high of Rs. 3.5 and intraday low of 3.03. The net turnover during the day was Rs. 48518.

Source: Equity Bulls

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