Board of Palred Technologies approves reduction of capital

At meeting held on 01 December 2014

Palred Technologies announced that the Board of Directors of the Company at their meeting held on 01 December 2014, inter alia, has considered and approved the following:

1. After factoring the cash required for future business needs, it is proposed to reduce equity share capital/ paid-up equity shares by 60% on a proportionate basis by returning an amount of Rs. 16.50/- per share (Rs. 5/- face value and Rs. 11.50/- as premium from Securities Premium Account). (Eg: Rs. 16.50/-per share for 3 shares out of every 5 shares will be paid, the balance of 2 shares (40%) will remain at a face value of Rs. 5/- per share.

2. The draft scheme of reduction of capital under sections 100 to 104 of the Companies Act, 1956 and Section 52 of the Companies Act, 2013, by 60% of Equity Share Capital / paid-up equity shares in proportion to the current shareholding.

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