Nahar Exports Ltd to relist on March 23

Bombay Stock Exchange has announced that the equity shares of Nahar Exports Ltd. (Scrip Code: 523391; ISIN No: INE308A01027), shall be listed and permitted for trading on the Exchange with effect from Friday, March 23, 2007. Trades effected in the scrip will be in a unit market lot, i.e., one share in the Rolling Settlement.

Pursuant to scheme of demerger, the Textile undertaking of NEL was demerged into Nahar Spinning Mills Ltd. (NSML) and in consideration thereof the NSML has issued 55 equity shares of Rs.5/- each for every 100 equity shares of Rs.10/- each fully paid up held by the shareholders in NEL as on record date.

Post demerger, the equity share capital of NEL was reorganized and the paid up value of each equity share of the company stands reduced from Rs.10/- each to Rs.3.50/- per share by cancellation of Rs.6.50/- per share. Further, the remaining paid up value of Rs.3.50/- per equity share thereafter has been reorganized into face value of Rs.5/- per equity share. Thus, the NEL has issued 70 equity shares of Rs.5/- each for every 100 fully paid up equity shares of Rs.10/- held prior to reorganization of equity share capital of the company.

The issued, subscribed and paid-up capital of the company after reorganization as above comes to Rs.1229.39 lacs consisting of 2,45,87,991 equity shares of face value of Rs.5/- each fully paid up.

Source : Equity Bulls

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