Composite Scheme of Arrangement for capital reduction and preferential issue filed
VIVIDHA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 3.2 pts less than Nifty Microcap 250 and 2.9 pts less than its Garments & Apparels peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Visagar Polytex Ltd has filed a Composite Scheme of Arrangement with NCLT under Sections 230-232, 66, 62 and 42 of the Companies Act. The scheme proposes reduction of paid-up capital of about Rs. 29.27 crore to write off accumulated losses of around Rs. 30.89 crore, followed by issue of about Rs. 3 crore preferential equity shares and Rs. 3 crore preferential warrants. This is part of a revival plan after setbacks from demonetization, GST, COVID and a fire incident. Pilot textile operations have begun at Pali, Rajasthan.
Share count and holding pattern may change after capital reduction and preferential allotment; NCLT and shareholder approvals remain pending.