Board approves scheme to cancel unclaimed physical shares
SVGLOBAL · price
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Board approved a scheme to cancel 10,91,187 unclaimed physical shares, which is 6 percent of paid-up capital and have not been dematerialised despite repeated reminders. Post-scheme, total equity shares will fall from 1,80,82,970 to 1,69,91,783. Promoter holding rises from 69 percent to 73 percent; non-promoter falls from 31 percent to 27 percent. Face value stays at Rs. 5. No dividend has been declared, so shares cannot go to IEPF. Requires NCLT, SEBI, stock exchange and shareholder approvals.
Cancellation of dormant physical shares raises promoter stake from 69 percent to 73 percent. Subject to NCLT and other approvals. No face value change.