Bell Ceramics to reduce capital

Bell Ceramics Ltd has announced that the Board of Directors of the Company at its meeting held on May 12, 2009, inter alia, have approved the scheme of Arrangement.

The Company shall write off 2/3rd of the paid up equity share capital of the Company pursuant to sections 391 to 394, read with sections 100 to 104 and other applicable provisions of the Act.

The Company shall consolidate 3 equity shares of Rs 3.33 (as reduced) each fully paid up into 1 equity share of Rs 10/- each fully paid up.

The Company shall set off its accumulated losses upto March 31, 2008 against the Capital Restructuring account of the Company created from the paid up capital of the Company pursuant to Sections 391 to 394 and other applicable provisions of the Act.

The Company shall convert 3 (three) 8% (earlier l2.5%) Redeemable Cumulative Preference Shares of Rs 10/- each fully paid up into 1 Equity Share of Rs 10/- each fully paid up.

The accumulated amount of preference dividend aggregating to Rs 1564.51 payable to the preference shareholders shall stand cancelled.

The stock was trading at Rs.4.63, up by Rs.0.22 or 4.99%. The stock hit an intraday high of Rs.4.63 and low of Rs.4.60.

The total traded quantity was 1400 compared to 2 week average of 3123.

Source : Equity Bulls

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