ENCLOSED HEREWITH DISCLOSURE UNDER REG 30 OF SEBI (LODR) 2015
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board of Integrated Hitech Ltd has approved a proposal to reduce the company's paid-up share capital by 99% to offset accumulated business losses that have wiped out the existing capital. After the reduction, the share capital will stand at approximately Rs. 10 lakh, comprising 1 lakh fully paid-up equity shares, down from the current level. The relevant date for the reduction is fixed as 1st April 2025, and the proposal will be placed before shareholders at the 32nd AGM scheduled for 30th July 2025. The board also approved the AGM notice, Board's Report, MD&A, Corporate Governance Report, e-voting arrangements, and appointed a scrutinizer for the e-voting process. The company will need to file the scheme with stock exchanges and seek NCLT approval before the reduction can take effect.
This is a deeply negative signal for shareholders — a 99% capital reduction means existing equity holders will see their shareholding value effectively wiped down to 1% of its current book value, though market price had likely already priced in the heavy losses. The move is a balance-sheet cleanup exercise to write off past losses and may be a precursor to reviving the company with a cleaner capital structure.