Apar Industries to reclassify authorized share capital

Apar Industries Ltd has announced that an Extra-Ordinary General Meeting (EGM) of the members of the Company will be held on December 26, 2006, inter alia, to transact the following:

1. Re-classification of the existing Authorised Share Capital of the Company i.e., Rs 91,99,87,500/- divided into 2,60,00,000 Equity Shares of Rs 10/- each and 35,67,500 Preference Shares of Rs 185/- each into 9,19,98,750 Equity Shares of Rs 10/- each, and consequential amendments in Memorandum and Articles of Association of the Company.

2. Capitalization and Transferring of a sum not exceeding Rs 80,840,080/- as may be required, out of the amount of Rs 228,387,850/- standing to the credit of the Capital Redemption Reserve Account as on date, from Capital Redemption Reserve to Share Capital Account and that such sum shall be applied for issue and allotment of new 8,084,008 Equity Shares of the Company of Rs 10/- each as fully paid Bonus Equity Shares to the person who, on a date to be fixed by the Board or Share Issue Committee as the "Record Date" shall be the holders of the existing Equity Shares of Rs 10/- each of the Company on the said date and that such new Equity Shares out of the Company's un-issued Equity Shares, credited as fully paid, be accordingly issued and allotted as Bonus Shares to such persons as aforesaid in the proportion of 1 new Equity Share for 3 existing Equity Shares held by such persons respectively on the Record Date, upon footing that they become entitled thereto for all purposes as Capital, subject to necessary provisions and approvals.

Source : Equity Bulls

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