With reference to the earlier letter dated October 12, 2015 regarding outcome of board meeting, Bhagyanagar India has now informed that on effectiveness of the scheme of arrangement, the existing shareholders of Bhagyanagar India for every 6 equity shares will continue to hold 3 equity shares of Rs 2 each of Bhagyanagar India and will get 4 equity shares of Re 1 each of Surana Telecom and Power and 3 equity shares of Rs 2 each of Bhagyanagar Properties. As part of the scheme of arrangement, the existing paid up share capital of Bhagyanagar India is proposed to be reduced to 50% of 6,39,90,000 equity shares of Rs 2 each (i.e., 3,19,95,000 equity shares of Rs 2 each), without affecting overall holding levels of Promoters and Public.
The above information is a part of company’s filings submitted to BSE.
