Ventura Textiles to off-set losses against capital

Ventura Textiles Ltd has announced that the Company has received BIFR order dated June 22, 2007 granting various exemptions to the Company & issued directions to the concerned agencies for its compliance, detailed as under:

1. Write down of 75% of existing Equity Share Capital & Reserves & Surplus against the accumulated losses of the Company and consolidate the shares to Face Value of Rs 10/- each. In the process the Company is exempt from the applicable provisions of Section 94, Section 100 to Section 104 read with Section 78(1), Section 391 and other applicable provisions if any of the Companies Act, 1956.

2. Exempt the Company from applicability of SEBI Rules, SEBI (DIP) Guidelines, 2000 and SEBI (Substantial Acquisition, of Shares & Takeover Regulations), 1997 for the following:

(a) To convert 4,75,00,000 Optionally Fully Convertible Equity Warrants (OFCEW) issued promoters viz Ventura Texports Ltd & Penny Securities & Investments Pvt Ltd; and

(b) Preferential Allotment of Securities to the existing promoters, new investors and qualified institutional buyer(s).

Source : Equity Bulls

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