Jaybharat Textiles Board approves bonus issue

Jaybharat Textiles & Real Estate Ltd has announced that the Board of Directors of the Company at its meeting held on July 23, 2007, inter alia, has considered & approved the following businesses, subject to the consent of the members of the Company.

1. To capitalized a sum of Rs 25,52,25,000/- out of Balance Lying in Reserve and Surplus Account to be applied for issue of Bonus Equity Shares to persons whose name appear on the record date to be specified by the Board of Directors in the proportion of 1:1 i.e. one such new equity Share for every one existing Equity Share held by such persons receptively on the said date.

2. To cancel 3,00,00,000 Preference Shares of Rs 10/- each, and the Authorized Share Capital be diminished to Rs 40,00,00,000 divided into 20,00,00,000 Equity Shares of Rs 2/- each.

3. To increase the Authorized Share Capital of the Company from Rs 40,00,00,000 divided into 20,00,00,000 Equity Shares of Rs 2/- each to Rs 70,00,00,000 divided into 35,00,00,000 Equity Shares of Rs 2/- each and the clause V of Memorandum of Association and Article 3 of Article of Association be altered accordingly.

4. To convene EGM on August 18, 2007.

Source : Equity Bulls

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