GL Hotels allots Equity Shares on scheme of arrangement

GL Hotels Ltd has announced that the Company has allotted 58,62,171 Equity Shares of Rs 10/- to the shareholders of erstwhile Mayfair Banquets Pvt Ltd (MBPL) in terms of Scheme of Arrangement between MBPL and the Company and their respective shareholders (Scheme), as sanctioned by the High Court of Bombay vide its order dated June 22, 2007. The aforesaid shares were allotted to 2 (two) shareholders in the ratio of 53 (Fifty - three) equity shares of Rs 10/- each for one equity shares of Rs 100/- each of MBPL, who held shares as on date of approval of Scheme by the shareholders of the company.

The above shares shall rank pari-passu with the existing equity shares of the Company.

With this allotment, the paid up capital of the company has increased from Rs 7,01,63,790/- comprising 70,16,379 equity shares of Rs 10/- each to Rs 12,87,85,500/- comprising of 1,28,78,550 equity shares of Rs 10/- each.

Source : Equity Bulls

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