Super Syncotex to consider capital reduction on Oct 10, 2009

Super Syncotex India Ltd has announced that a meeting of the Board of Directors of the Company will be held on October 10, 2009, inter alia, to reduce issued, subscribed and Paid-up Share Capital of the Company amounting to Rs. 11,54,63,780 divided into 1,15,46,378 Equity Shares of Rs. 10/- by 50% to Rs. 5,77,31,890 divided into 57,73,189 Equity Shares of Rs. 10/- each as per the Rehabilitation Scheme sanctioned by Hon'ble BIFR by Order June 23, 2009 in Ref No. 288/2003 by consolidating two existing Equity Shares into One Equity Share of Rs. 10/- each fully paid-up. Accordingly the Company will issue fresh Share Certificates for 57,73,189 Equity Shares of Rs. 10/- each and old Share Certificates will be deemed as cancelled.

The Board will fix the record date for the purpose of giving effect to the Reduction of Paid-up Share Capital and issuance of new Share Certificates to the holders of existing Equity Shares as on the record date.

The stock closed the day at Rs.1.15, up by Rs.0.05 or 4.55%. The stock hit an intraday high of Rs.1.15 and low of Rs.1.15.

The total traded quantity was 150 compared to 2 week average of 1736.

Source : Equity Bulls

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