Nahar Exports, Nahar Spinning Mills plummet post restructuring
Nahar Exports (NEL) had plunged to Rs 60.75 and Nahar Spinning Mills (NSML) to Rs 149.05. A day before resumption of trading, the stock exchanges had fixed Rs 75.90 as a base price with 20% daily price band for NEL. The base price of NSML was set at Rs 186.30 with 20% daily circuit band. NSML last traded at Rs 273.15 on BSE on 23 January 2007, before it was suspended for two months. NEL last traded at Rs 101 on BSE on 23 January 2007, before being suspended for two months.
The restructuring involved the transfer of the textiles business of NEL to NSML. In consideration of that, NSML issued 55 equity shares of Rs 5 each for every 100 equity shares of Rs 10 each held by in NEL as on the record date.
The investment business of NSML was demerged into another group firm Nahar Capital and Financial Services (NCFSL). In consideration, NCFSL issued an equity share of Rs 5 each against every equity share of Rs 10 each held in NSML as on record date. NCFSL will be listed on the bourses in due course.
Post-restructuring, the equity share capital of NSML was reorganised and the paid-up value of each equity share of the company was reduced from Rs 10 each to Rs 5 per equity share by cancellation of Rs 5 per share. The issued, subscribed and paid-up capital of the company post the scheme of arrangement as above is now Rs 18.03 crore, consisting of 3.60 crore equity shares of face value Rs 5 each.
Post-restructuring, the equity share capital of NEL was reorganised and the paid up value of each equity share of the company was reduced from Rs 10 each to Rs 3.50 per share by cancellation of Rs 6.50 per share. The remaining paid up value of Rs 3.50 per equity share was thereafter reorganised into face value of Rs 5 per equity share. In a nutshell, NEL issued 70 equity shares of Rs 5 each for every 100 fully paid up equity shares of Rs 10 held prior to reorganisation of the equity share capital of the company.
Source:capitalmarket
The restructuring involved the transfer of the textiles business of NEL to NSML. In consideration of that, NSML issued 55 equity shares of Rs 5 each for every 100 equity shares of Rs 10 each held by in NEL as on the record date.
The investment business of NSML was demerged into another group firm Nahar Capital and Financial Services (NCFSL). In consideration, NCFSL issued an equity share of Rs 5 each against every equity share of Rs 10 each held in NSML as on record date. NCFSL will be listed on the bourses in due course.
Post-restructuring, the equity share capital of NSML was reorganised and the paid-up value of each equity share of the company was reduced from Rs 10 each to Rs 5 per equity share by cancellation of Rs 5 per share. The issued, subscribed and paid-up capital of the company post the scheme of arrangement as above is now Rs 18.03 crore, consisting of 3.60 crore equity shares of face value Rs 5 each.
Post-restructuring, the equity share capital of NEL was reorganised and the paid up value of each equity share of the company was reduced from Rs 10 each to Rs 3.50 per share by cancellation of Rs 6.50 per share. The remaining paid up value of Rs 3.50 per equity share was thereafter reorganised into face value of Rs 5 per equity share. In a nutshell, NEL issued 70 equity shares of Rs 5 each for every 100 fully paid up equity shares of Rs 10 held prior to reorganisation of the equity share capital of the company.
Source:capitalmarket
Labels: Nahar Exports, Nahar Spinning Mills
posted by SY at 6:36 PM
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