Kirloskar Oil Engines issues shares pursuant to the Scheme of Arrangement

Kirloskar Oil Engines Ltd has announced that pursuant to the Scheme of Arrangement between Kirloskar Oil Engines Ltd. (Demerged Company) and Kirloskar Engines India Ltd. (Resulting Company) as approved by the shareholders and Hon'ble High Court of Judicature at Bombay by its order dated July 31, 2009 read with order dated March 19, 2010, the Committee of Board of Directors of the Company on March 30, 2010 approved issue of 97,08,650 equity shares of Rs. 10/- each of the Company aggregating to Rs. 9,70,86,500/- on account of reduction and consolidation against Subscribed 19,41,73,000 Equity Shares as on Appointed Date April 01, 2009.

In terms of the Scheme of Arrangement, this issue and allotment has been done by the Committee of Board of Directors to the respective beneficiaries of Demerged Company on the record with both the depositories i.e. National Securities Depository Ltd and Central Depository Services (India) Ltd / shareholders as on the Record Date i.e. April 22, 2010.

Source : Equity Bulls

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