Shiva Texyarn updates on scheme of arrangement (demerger)

Implements reduction of capital

Shiva Texyarn announced the reduction of capital pursuant to scheme of arrangement (demerger) entered into Shiva Texyarn (demerged company) and Shiva Mills (resulting company). The paid up capital of the Company has reduced from Rs 21.60 crore divided into 2,16,04,521 equity shares of Rs 10 each to Rs 12.96 crore divided into 1,29,62,713 equity shares of Rs 10 each in the demerged company, resulting in 3 equity shares of Rs 10 each being held in lieu of 5 equity shares of Rs 10 each in the demerged company, on the record date of 06 November 2017.

Further, the Board of Directors of Shiva Mills (resulting company) in their meeting held on 23 November 2017 has allotted 86,41,808 equity shares of Rs 10 each in consideration of the said merger, in the ratio of 2 equity shares of Rs 10 each for every 5 equity shares of Rs 10 each held in the Company.

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