Inter Globe Finance to reduce capital

Inter Globe Finance Ltd has announced that the Board of Directors of the Company at its meeting held on January 18, 2010, inter alia, has considered the reduction of capital from Rs. 5,00,00,000/- (Rupees Five Crore Only) divided into 50,00,000 (Fifty Lakhs) fully paid up equity shares of Rs. 10/- (Rupees Ten Only) each to Rs. 1,25,00,000/- (Rupees One Crore Twenty five Lakhs Only) divided into 12,50,000 (Twenty Lakhs Fifty Thousand) Equity Shares of Rs. 10/- (Rupees Ten Only) each.

The Board approved issue of 37,50,000 (Thirty Seven Lakh Fifty Thousand) Equity Shares of Rs. 10/- on Preferential basis to promoters and non-promoter group.

The company will make an application u/s 391-393 of the Companies Act, 1956 before West Bengal High Court to give effect to the aforesaid under a Scheme of Arrangement and authorised Mr. Suresh Jain, Director of the Company and Mr. Ramesh Mishra, to sign and file such other document as may be required and to do such other acts and deeds to give effect for approval of Scheme of Arrangement.

Source : Equity Bulls

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