Kirloskar Multimedia May Cut Cap

Kirloskar Multimedia is planning to scale down its issued, subscribed and paid-up capital to Rs 7.3 crore from Rs 14.6 crore.

The company's board is proposing a special resolution seeking an approval of shareholders for the reduction of issued, subscribed and paid-up capital from Rs 14.6 crore divided into 14,600,000 equity shares of Rs 10 each to Rs 7.3 crore divided into 14,600,000 equity shares of Rs 5 each.

The Bangalore-based company's annual general meeting will be held on September 28, Kirloskar Multimedia said in a statement to the Bombay Stock Exchange.

Kirloskar Multimedia, which raised around Rs 3.65 crore through an initial public offering, was incorporated in 1992 to undertake activities in the area of multimedia development. The company is promoted by Sukumar R Kirloskar, Ajay S Kirloskar and Padmaja S Kirloskar.

After its incorporation, the company embarked on a project for multimedia development and publishing activities at a total project cost of Rs 25 crore.

It had also entered into joint publishing arrangements with international multimedia players such as Interactive World Productions of France, SACIS Spa of Italy, Allen Interactions Inc of USA and Double Impact group of companies, Australia.