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NCLT approves Scheme of Capital Reduction undertaken by Escorts

The share capital of the company will reduce from over Rs134.83cr to ~Rs122.58cr.

December 24, 2021 1:14 IST | India Infoline News Service
National Company Law Tribunal Bench, Chandigarh (NCLT) has approved the Scheme of Capital Reduction undertaken by Escorts Limited vide its order dated December 23, 2021. A certified copy of the Order is awaited, the company said in a filing on Thursday.

Upon effectiveness of the Scheme of Capital reduction, share capital of the company will reduce from Rs1,34,83,45,660 divided into 13,48,34,566 equity shares of Rs10 each to Rs1,22,57,68,780 divided into 12,25,76,878 equity shares of Rs10.

The company referred to intimations dated March 20, 2020 and July 15, 2020 in relation to the scheme of capital reduction of Escorts Limited for reduction of issued, subscribed and paid-up equity share capital of the company by cancelling and extinguishing 1,22,57,688 equity shares of Rs10 each, held by the Escorts Benefit and Welfare Trust (EBWT), without payment of any consideration to the aforesaid Trust.

At around 1.16 pm, Escorts Ltd was trading at Rs1,857.05 per piece up by Rs1.05 or 0.06% from its previous closing of Rs1,856 per piece on the BSE.

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