Laurel Organics announced that its Share Allotment Committee of Directors at its meeting held on 19 November 2018 has approved the following, in terms of the Scheme of Arrangement approved by NCLT :
Reduction of paid up share capital of the company to the extent of 90%, consequently, the reduced paid up share capital of the company is Rs 73.85 lakh comprising of 73,85,000 equity shares of face value of Re 1 each.
Allotment of 1,09,37,521 equity share of Re 1 each and 65,18,320 compulsorily convertible preference share capital of Re 1 each by the company (transferee company) to the shareholders of Kimia Biosciences (transferor company).
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