Hindustan Bio Sciences Proposes Capital Reduction and Consolidation
Hindustan Bio Sciences Limited's Board of Directors has approved a Scheme of Reduction of Capital. This involves cancelling 56,37,940 equity shares of ₹2 each, reducing the paid-up equity share capital from ₹2,05,01,600 to ₹92,25,720. The company aims to set off accumulated losses of ₹1,12,75,880 against the reduced capital. Following this, the face value of shares will be consolidated from ₹2 to ₹10, with every 5 shares of ₹2 consolidating into 1 share of ₹10. Shareholders will receive 9 shares of ₹10 for every 100 shares of ₹2 held. The proposal requires shareholder and NCLT approval.
Key Highlights
- Board approved capital reduction and share consolidation.
- 56.37 lakh equity shares to be cancelled.
- Accumulated losses to be offset by capital reduction.
- Share face value to increase from ₹2 to ₹10.
- Shareholders to receive 9 shares of ₹10 for 100 shares of ₹2.
Price Impact
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