Bhagyanagar India Limited reduces paid-up share capital by 50%

The paid-up share capital of Bhagyanagar India Limited has been reduced by 50% from 6,39,90,000 equity shares of Rs.2/- each to 3,19,95,000 equity shares of Rs.2/- each on record date as per the Scheme of Arrangement. Further, we have been informed by Surana Telecom and Power Limited (Resulting Company-1/ STPL) & Bhagyanagar Properties Limited (Resulting Company-2/BPL) that the Board of Directors at their Meetings held today (i.e., 17.03.2017), has, in terms of the Scheme of Arrangement, issued & allotted an aggregate of 4,11,33,113 equity shares of Re.1/- each of STPL & 3,19,95,000 equity shares of Rs.2/- each of BPL as fully paid-up to the members whose names are appearing in the register of members of BIL on the record date, in the following ratio: 'For every 6 equity shares of Rs.2 each of BIL as on record date, will continue to hold 3 equity shares of Rs.2 each of BIL, and will get 4 equity shares of Re.1- each of STPL & 3 equity shares of Rs.2- each of BPL.'

Source : Equity Bulls

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