Shareholders approve capital reduction and 10:1 share consolidation
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On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and in line with its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Shareholders have approved a scheme to cut paid-up capital from Rs 79.8 crore (79.8 crore shares of Re 1 each) to Rs 1.596 crore by cancelling 78.2 crore shares to write off accumulated losses. The remaining 1.59 crore shares of Re 1 will then be consolidated into 15.96 lakh shares of Rs 10 each, a 10 to 1 reverse split. Approval from NCLT Kolkata is still pending before it becomes effective.
Share count will fall sharply as accumulated losses are written off. NCLT approval is still pending. Proportional ownership stays unchanged.