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Board of Escort approves draft scheme for capital reduction

Capital Market 

At meeting held on 15 July 2020

The Board of Escort at its meeting held on 15 July 2020 has discussed and granted final approval to the Capital Reduction and approved the draft scheme for Capital Reduction ("Scheme"), under Section 66, Section 52 and other applicable provisions of the Act read with the NCL T Rules.

The Scheme is subject to approval of the shareholders of the Company by way of requisite majority, NCLT and all other applicable regulatory approvals. The Capital Reduction shall ensure that the total equity share capital of the Company remains unchanged even after the proposed issue of shares by the Company to Kubota Corporation.

Pursuant to the aforementioned Capital Reduction coming into effect, i.e., upon approval of the Scheme by the shareholders by way of requisite majority, NCLT and all other applicable regulatory authorities, the paid-up equity share capital of the Company will stand reduced from Rs 134,83,45,660 consisting of 13,48,34,566 equity shares of Rs 10 each to Rs 122,57,68,780 consisting of 12,25, 76,878 equity shares of Rs 10.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, July 15 2020. 16:28 IST