Financial Daily from THE HINDU group of publications
Saturday, Sep 10, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 10, 2005 |
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Corporate
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Announcements Markets - Stocks Manali Petrochemicals to reduce share capital Our Bureau
Chennai , Sept. 9 MANALI Petrochemicals Ltd, in which SPIC (Southern Petrochemical Industries Corporation Ltd) has a 38 per cent holding, plans to reduce its share capital and also write-off a portion of its share premium account to completely wipe out its accumulated losses. According to a communication to the BSE, the company's accumulated losses of Rs 35.32 crore will be set off completely by a 25 per cent reduction of the paid-up value of the share capital together with a write-off of an amount not exceeding Rs 6.6 crore from the share premium account. The company's paid-up share capital is Rs 114.70 crore. The company's paid up value of one equity share of face value of Rs 10 will stand reduced to Rs 7.50 per share and the share premium amount of Rs 7.57 crore will stand reduced to Rs 91 lakh after the proposed exercise, according to the communication. The company's board, which approved this move at its meeting on Friday, decided to seek approval of the company's shareholders at an extraordinary general meeting on October 19 and then the Madras High Court's approval for reducing the share capital.
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